Petroleum Regulatory Agency Announces Reduction in Fuel Prices
The Petroleum Regulatory Agency has announced a reduction in fuel prices, effective immediately from October 2, 2024. The decision came after the agency completed the analysis and calculation of maximum retail prices for petroleum products for October.
The agency attributed the price drop to a strong recovery in the oil market since early September, which resulted in stable global oil prices. Additionally, the Leone's increased strength against the US dollar has influenced lower domestic pump prices.
This marks the fourth time the country has seen a reduction in fuel prices this year. Several factors contributed to this decrease, including an over-recovery in the pricing of petrol, diesel, fuel oil, and kerosene.
Specific price adjustments include:
- A price correction levy: Petrol and diesel prices were adjusted by NLe0.24 and NLe0.18, respectively.
- Debt recovery fund contributions: NLe0.20 for petrol and NLe0.06 for diesel.
- Infrastructure development fund contributions: NLe0.50 for both petrol and diesel.
As a result, the new fuel prices are:
- Petrol: NLe 27.30
- Diesel: NLe 27.40
- Kerosene: NLe 25.03
- Fuel Oil: NLe 25.11
These prices will remain in effect until further revisions are made by the agency.
Tags
Comment / Reply From
You May Also Like
Recent News
Popular Posts
