01 Feb 2016

Retail pump prices for petrol, diesel and illuminating paraffin will be decreased while the Road Fund Levy will be increased with effect from Monday January 30 midnight.

 A press release from the Ministry of Minerals, Energy and Water Resources says the price for unleaded petrol 93 and 95 will be decreased by 15 thebe per litre.

The retail pump price for diesel 500 ppm and 50 ppm will be decreased by 45 thebe per litre while that of illuminating paraffin will be decreased by 55 thebe per litre. The Road Fund Levy will be increased by 20 thebe per litre.

The release states that the decrease is due to a general decline in international crude oil prices and refined product prices as the average crude oil prices have been falling mainly due to oversupply and weak global oil demand.

 It states that there has been persistent oversupply with strong signs of the slowing pace of economic growth in consumer countries such as China.

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