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Authorities at the Ministry of Mines and Energy has opted not to adjust fuel prices, despite the under-recoveries recorded over the past months
However, its monthly fuel price review has concluded the need for an upward adjustment in local fuel pump prices due to the unfavorable exchange rate, for the most part of January.
“The Ministry cannot afford to continue running under-recoveries indefinitely. Thus, a partial upwards adjustment in fuel pump prices is warranted to avoid passing on the full burden to consumers at the pumps” said Andreas Simon, the Ministry’s spokesperson.
Another reason for the increase is because the prices of petrol and diesel across the international product market have also gone up significantly, owing mainly to supply cuts by OPEC’s biggest producer.
The barrel price of petrol increased from roughly USD 52.74 to about USD 59.18 while that of diesel increased from about USD 54.47 to about 58.85 during the current review.
Meanwhile the prices across the rest of the country will be adjusted accordingly and the adjustments are effective at OOh01 on the 3rd February 2021
By GLENN-NORA TJIPURA
