Fuel prices drop for June

Fuel prices have dropped for the month of May after rising last month.


The Independent Consumer and Competition Commission (ICCC) announced yesterday the new retail fuel prices which come into effect.

Petrol decreases by 7.42 toea per litre (tpl) from 318 tpl in May to 310.95 in June.

Diesel now sits at 251.82 tpl after dropping by 7.54 tpl from 260.11 last month.

And kerosene drops from 244.38 tpl in May to 237.08 after falling by 6.63 tpl.

The decreases are due to drops in the Import Parity Prices (IPP) for all refined petroleum products mainly due to the decreases in the Mean of Platts (MOPS) prices during the month May.

The ICCC says Global crude prices for May, as represented by Dated Brent, have slightly decreased primarily because of fears over persistent oversupply, a renewed surplus for refined fuels and the inadequate slow pace of adjustment to the production cuts by the Organization of Petroleum Exporting Countries (OPEC).

Cedric Patjole