13 Feb 2015

Retail pump prices for petrol, diesel and illuminating paraffin will be decreased with effect from 0001 am, Saturday (February 14).

A press release from the Ministry of Minerals, Energy and Water Resources stated price adjustments as follows:

1. Retail prices for unleaded petrol 93 to be decreased by 104 thebe per litre
.

2. Retail prices for unleaded petrol 95 to be decreased by 103 thebe per litre
.

3. Retail prices for diesel 500ppm to be decreased by 103 thebe per litre
.

4. Retail prices for diesel 50ppm to be decreased by 107 thebe per litre
.

5. Retail prices for illuminating paraffin decreased by 65 thebe per litre
.

6. Road Fund levy be increased from 40 thebe per litre to 60 thebe per litre.

This followed the last price adjustment (decrease) effected on December 6, 2014 where prices of all petrol grades decreased by 60 thebe per litre while diesel 50ppm and diesel 500ppm were decreased by 50 and 60 thebe per litre respectively.

The decrease is due to a general decline in international crude oil prices. Between December 2014 and January 2015, average crude oil prices fell by over US$10 per barrel. The continuing decline has been attributed to concerns of oversupply and gloomy global oil demand.

The government will continue to monitor the development of petroleum products prices in both regional and international markets. This will enable government to take more appropriate and informed decisions to ensure optimal price control to both the general public and the fuel supply industry.

Ends…