Drop in fuel prices, says ICCC

FUEL consumers around the country will again enjoy reduced prices for all three petroleum products – petrol, diesel and kerosene.
Petrol and diesel prices have dropped by 10t per litre and kerosene is down by 11t per litre.
Retail fuel prices for the second consecutive month for the three petroleum products have fallen after a steady climb at the beginning of this year.
The country’s fuel price regulator, the Independent Public Consumer and Competition Commission (ICCC) chief executive officer Dr Billy Manoka said over the weekend that petrol and diesel price had dropped
by 10t per litre each from K3.25 to K3.15 and K2.75 to K2.65 respectively last month.
Kerosene price has dropped by 11t per litre from K2.65 to K2.54.
Manoka said the decrease was attributed to the fall in oil product prices at the import parity prices level
and rebound of kina, which improved against the US dollar.
He said consequently, the domestic retail fuel prices would reduce by 3.3% on average this month, and, therefore, consumers would to pay less than the prices determined in July.
While announcing good news, Manoka urged all suppliers and retailers not to charge above the allowable indicative retail price level.
Retail fuel prices in other designated centres in the country are subject to changes depending on the applicable in-country shipping and road freight rates charged by the oil distributors for the third quarter.