Fuel prices for April have significantly dropped due to the fall in global crude oil prices after an increase in oil production in the United States.
The new prices come off the back of three consecutive months of fuel increases.
The new prices set as of April 8 see’s petrol sitting 311.5 toea per litre (tpl) after a reduction by 13.44 toea from 324.94 tpl; diesel at 255.79 tpl after dropping by 9.46tpl; and and Kerosene at 239.57 tpl following a decrease of 10.59 tpl.
In a statement the Independent Consumer and Competition Commission (ICCC) said the new prices are attributed to the decreases in the ‘Import Parity Prices’ (IPP) due to the decreases in the Mean of Platts Singapore (MOPS) in March.
MOPS is the average of a set of Singapore-based oil product price assessments published by Platts, a global energy, petrochemicals, metals and agriculture information provider and a division of McGraw Hill Financial.
ICC also said global fuel prices for March, according to Dated Brent, have decreased primarily in response to increased oil production in North America. Thus the decrease in the MOPS prices are attributed to the decrease in crude prices.
The domestic retail fuel prices ate inclusive of the IPP, domestic sea and freight rates for the second quarter of 2017, the 2017 wholesale and retail margins for petrol, diesel and kerosene including excise duty and GST.
The ICCC says retail prices at all other designated centres will change according to their approved in-country shipping and road freight rates that are charged by the fuel distributors.
ICCC will be carrying out inspections to ensure fuel depots comply with the maximum prices approved.