MOTORISTS will have to dig even deeper into their pockets at the pumps, as the petrol price is set to go up by 22 cents a litre.
The Department of Mineral Resources and Energy announced a 22 cents increase in both grades of petrol, namely 93 (ULP and LRP) and 95 (ULP and LRP) respectively. The price adjustment will come into effect on Wednesday.
The price of diesel (0.05 per cent sulphur) will come down by 14.95 cents, while that of diesel (0.005 per cent sulphur) will decrease by 15.95 cents a litre.
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The price of illuminating paraffin (wholesale) will decrease by 17.95 cents per litre, while that of illuminating paraffin (SMNRP) will come down by 24 cents a litre.
“The main reason for the petrol price increases is that the average Brent crude oil price increased from 59.72USD to 62.68USD per barrel during the period under review. The Crude oil prices increased following signals of the extension of Organisation of the Petroleum Exporting Countries (OPEC) production cut into mid-2020, and signs of a new round of trade talks between China and the United State of America,” said the department on Tuesday.
Meanwhile, diesel prices decreased due to seasonal decline in demand and ample refinery supplies.
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