In a joint effort with the Ministry of Finance, the Ministry of Trade & Industry, and Oil Marketing Companies, the Petroleum Regulatory Agency (PRA) has revealed the updated maximum retail pump prices for petroleum products, set to take effect on August 1, 2023.
Under the new adjustments, the pump prices for petrol, diesel, kerosene, and fuel oil will all be set at NLe25.00 for the public.
This decision comes in response to the recent surge in international refined petroleum prices and the impact of exchange rate fluctuations.
Market prices for fuel have risen by over 20% since the last review, prompting the need for adjustments. Despite these increases, the government has made efforts to alleviate the burden on consumers in the retail market by continuing to provide substantial fuel subsidies.
Additionally, the policy remains in place for commercial up-lifters to pay in USD, with strict monitoring to ensure compliance. The authorities aim to maintain stability in the petroleum sector amidst the prevailing challenges.
