There will be an increase in the price of various petroleum products as from midnight tonight Sunday, January 16. According to the Division of Energy, these increases are reflective of those on the international market and are in accordance with the imported prices of the products.
"The adjustment in retail prices is therefore due solely to an increase in the CIF of the refined products."
The retail price of gasoline will be increased from $2.76 to $2.93 per litre; diesel will go up from $2.39 to $2.40 per litre; and kerosene from $1.51 to $1.56 per litre.?? The adjustment is 17 cents per litre, 1 cent per litre, and 5 cents per litre upward in the case of gasoline, diesel and kerosene, respectively.
The retail price of liquefied petroleum gas (LPG) will be increased from $148.72 to $154.60 per 100 lb cylinder; from $39.82 to $41.29 per 25 lb cylinder; and the 20 lb cylinder from $31.86 to $33.03. This amounts to an increase of $5.88 per 100 lb cylinder; $1.47 per 25 lb cylinder; and $1.17 per 20 lb cylinder.
Over two years ago, Cabinet had agreed to a mechanism to adjust prices in a more timely fashion, whereby prices will be adjusted up or down monthly, based on the prices paid on the international market and the landed cost of petroleum products.