Friday, December 4, 2020

Fuel prices cut down

Government on Friday announced a downward adjustment to the retail pump prices for petrol, diesel and illuminating paraffin with effect from Saturday December 6.

The retail adjustments retail prices for all petrol grades will decrease by 60 thebe per litre while the retail prices for diesel 500ppm has decreased by 60 thebe per litre. Also the retail prices for diesel 50ppm have gone down by 50 thebe per litre.

A close look at the wholesale margin increases by 3.091 thebe per litre to 48.807 thebe per litre. The retail margin increases by 3.721 thebe per litre to 58.764 thebe per litre.

The country’s national petroleum fund levy decreases from 9.0 thebe per litre to 13.5 thebe per litre while Motor Vehicle Accident Fund levy decreases from 9.5 thebe per litre to 5.0 thebe per litre.

On the other side, the road fund levy increases from 20.0 thebe per litre to 40.0 thebe per litre while fuel levy for diesel decreases from 12.0 thebe per litre to 7.0 thebe per lire and fuel levy for petrol be decreased from 21.0 thebe per litre to 12.0 thebe per litre.

“The price adjustments are caused by a decreased in crude oil prices internationally Average prices have been declining since July 2014. The decline in crude oil has been also attributed to concerns of oversupply after higher production output from shale oil in the United States of America,” reads the statement.

The Ministry of Minerals, Energy and Water Resources on Friday stated that the last price adjustment was effected on the 9th November 2012 when prices of petrol diesel and paraffin were reduced by 50 thebe per litre respectively.

Furthermore, government stated that it will continue to closely monitor the prices of petroleum products in both regional and international markets and make price adjustments as necessary.

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