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Ministry of Minerals, Energy and Water Resources (MMEWR)
DECREASE IN RETAIL PUMP PRICES FOR ALL PETROLEUM AND ADJUS...
09/09/15
DECREASE IN RETAIL PUMP PRICES FOR ALL PETROLEUM AND ADJUSTMENT OF OTHER PRICE ELEMENTS
DECREASE IN RETAIL PUMP PRICES FOR ALL PETROLEUM AND ADJUSTMENT OF OTHER PRICE ELEMENTS
The Ministry of Minerals, Energy and Water Resources informs the general public and other consumers that the retail pump prices for petrol, diesel and illuminating paraffin will decease with effect from 0001hrs, Saturday 5th September 2015. The price adjustments will be as follows: 1. Retail Pump prices of all petro; grades will decrease by 15 thebe per litre 2. Retail pump prices for all grades will decrease by 40 thebe per litre 3. Retail pump prices for all illuminating paraffin will decrease by 40 thebe per litre 4. Retail and wholesale margin increases by 2.6 and 2.2 thebe per litre respectively
The price adjustments are caused by a decrease in crude oil prices internationally. Average prices have been declining since June 2015. The recent decline in crude oil prices has been attributed to concerns of over supply resulting from an increase in the US Crude stockpiles as well as the slowdown of the Chinese economy. International crude oil (Brent) prices averaged US$46.58 in August 2015. The last price adjustment was effected on the 14th February 2015 when prices of petrol, diesel and illuminating paraffin were decreased by 104,103,103,107 and 65 thebe/litre for ULP93, ULP 95, Diesel 500ppm, Diesel 50ppm and illuminating parafin respectively. The government will continue to closely monitor the prices of petroleum products in both regional and international markets and make price adjustments as necessary. The public is encouraged to continue practicing fuel conservation measures, to save fuel and reduce the effects of high fuel costs and environmental impacts.
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