Fuel Products Drop Below The K2 Mark: ICCC
Fuel products have seen its lowest decrease this month to below the K2 mark.
This is the seventh consecutive month of reductions on fuel products.
The further decrease comes as a result of the low global demand for oil as the impact of the Covid-19 pandemic continues to affect major economies around the world.
These price decreases are attributed to an average decrease of 41.73 per cent in crude oil prices during the month of April, 2020.
Fuel price for Petrol, Diesel and kerosene have dropped by 37 toea, 36 toea and 43 toea respectively.
According to the ICCC, retail prices will decrease right across the country, and this price decreases are attributed decreases in the Import Parity Prices (IPP) for petrol, diesel and kerosene in April and determination of average, quarterly road freight instead of applying minimum and maximum rates in the retail price calculations, which has reduced the rates in most centres.
Final determination of prices are petrol breaking below the K3 mark with K2.16 per litre from K2.53 in April, diesel at K1.96 from K2.32 last month, and Kerosene comes in below K2 at K1.49 from K1.91 the month before.
As part of the ICCC’s enforcement and compliance of fuel prices, its Investigation Officers will conduct inspections at all service stations to ensure prices of petroleum products do not exceed the allowable maximum prices.