In a joint effort, the Petroleum Regulatory Agency (PRA), along with the Ministry of Finance and the Ministry of Trade & Industry, collaborated with Oil Marketing Companies to reassess the retail prices of petroleum products in response to the surging trends in the global oil market.
Throughout the months of July and August, international oil prices have surged consecutively, reaching a remarkable three-month high this week with Diesel prices experiencing an uptick of approximately 26%.
The noticeable escalation in Petrol and Diesel prices is an estimated $136.75 and $185.14 higher compared to the average prices observed in July.
As a result of these deliberations, effective from the 29th of August 2023, the adjusted pump prices will be as follows:
- PETROL: NLe30
- DIESEL: NLe30
- KEROSENE: NLe30
- FUEL OIL: NLe30
This move brings both the commercial and retail markets together, establishing a unified pricing structure within the fuel industry. Stay tuned for further updates on this developing story.
