The retail price of gasoline will be $4.39 per litre, while diesel will decrease to $3.85 per litre. (Stock photo)

Motorists will be paying less for gasoline and diesel, effective midnight Thursday, August 18.

The retail price of gasoline will be $4.39 per litre, which is a saving of 44 cents, while diesel will decrease by 43 cents, to $3.85 per litre.  Kerosene remains at $2.36 per litre.

Given the high volatility associated with refined petroleum products, Government has decided to cap the retail prices of gasoline and diesel at $4.48 per litre and $4.03 per litre, respectively.  It is felt that the capping will bring some level of predictability to retail prices of gasoline, while shielding consumers from the full increase of refined petroleum products.

When calculated, the retail prices fell below the cap of the gasoline and diesel.

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