Consumers will be paying slightly less for petroleum products in the next few days.
Effective midnight, Sunday, October 4, the retail price of gasoline will decrease by eight cents from $2.38 per litre to $2.30 per litre.?? The price of diesel will drop by seven cents from $2.04 to $1.97 per litre, while the retail price of kerosene will be $1.19 per litre – a saving of seven cents.
Meanwhile, the price of liquefied petroleum gas (LPG) has also decreased slightly, effective midnight, Sunday, October 4.?? The price of one 100-pound cylinder has dropped by $1.78 and will now be retailed at $140.97. The 25-pound cylinder will now cost $37.83, a decrease of 45 cents, while the price of the 20-pound cylinder will move from $30.62 to $30.26- a saving of 36 cents.
Government has a mechanism in place to adjust petroleum prices in a more timely fashion, whereby prices will be adjusted monthly by the Ministry of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce on the advice of the Division of Energy.
That mechanism is now in use and price changes will be more frequent (i.e up or down) in accordance with the imported prices of petroleum products.