Fuel prices shoot up again

FUEL prices have shot up yet again.
An increase of 22t now sees a litre of petrol costing K3.45, up from last month’s K3.23. In January it cost K3.30.
Diesel has increased by 18t to K2.94 and kerosene by 15t to K2.79.
The increases are 6.8%  for petrol and diesel and 5.6% for kerosene.
The Independent Consumer and Competition Commission (ICCC) said the increases were due to   Import Parity Prices (IPP) increases.
It shows that the IPP increased 20t, 17t and 18t for petrol, diesel and kerosene respectively since last month.
Commissioner and chief executive for ICCC Dr Billy Manoka, in a statement, said this month’s increases were attributed to the interim pricing arrangement under the Mean of Platts Singapore (MOPS) prices quoted to InterOil by its overseas supplier.
InterOil calculated its domestic prices.
Manoka said the increases were also attributed to the average increase of crude oil prices.
The weak kina value against the US dollar last month along with high crude oil prices in the world contributed significantly to the rise in the final domestic fuel prices for September, he said.