Members of the public will soon be paying less for petroleum products.
Effective midnight, Sunday, December 21, the retail price of gasoline will decrease from $3.57 to $3.24 per litre – a saving of 33 cents.
The price of diesel will move from $2.78 to $2.52 – down by 26 cents; while the retail price of kerosene will now be eight cents less at $1.53, down from $1.61.
Government has a mechanism in place to adjust petroleum prices in a more timely fashion, whereby prices will be regulated by the Ministry of Commerce and Trade, on the advice of the Division of Energy and Telecommunications.??This mechanism is now in use and price changes will be more frequent (i.e., up or down) in accordance with the imported price of petroleum products.