Petrol price drops by 19t

PRICE of petrol will drop by 19 toea per litre  from today while diesel and kerosene prices rise by 0.06t and 0.03t respectively.
The latest prices were announced yesterday by Independent Consumer and Competition Commission.
The maximum retail prices at the fuel service stations are:
Petrol – K3.29 per litre – down from K3.47 per litre.
Diesel – K2.97 per litre – up from K2.91 per litre.
Kerosene – K2.86 per litre – up from K2.83 per litre
Commission boss  Dr Billy Manoka said he had received advice from the major fuel supplier InterOil that the Import Parity Price (IPP) for the month of December for petroleum products would decrease for petrol and increase for diesel and kerosene.
He said the new IPP price of petrol was K1.76 per litre (down from K1.93 in November).
The new increased prices for diesel and kerosene are K2.10 per litre (up from K1.96) and K1.97 per litre (up from K1.94) respectively.
When the costs of freight, excise duty, wholesale and retail margin and the GST are factored in, they arrived at the maximum retail prices given above.
Manoka said the prices of diesel and kerosene based on IPP pricing increased for the month after deceases in six consecutive months since May.
He said the price of petrol continued to decrease after a slight drop last month.
“However the future trend of crude oil price is unpredictable at the moment due to natural and geo-political events that are occurring across the globe that may cause crude oil price to fluctuate,” he said.