Further increase to fuel prices

Fuel prices continue upward for the third month in succession following the release of this month’s fuel prices by the Independent Consumer and Competition Commission (ICCC).

Petrol, diesel and kerosene have all increased yet again, forcing motorists to dig deeper.

The new prices set, as of March 08, will see petrol increase by 1.45 toea per litre (tpl), diesel to go up by 3.25 tpl and kerosene rising by 2.12 tpl.

Petrol price now sits at 324.94 tpl (K3.25), diesel at 265.25 tpl (K2.65) and kerosene at 250.16 tpl.

The ICCC attributed the rise to increases in the Import Parity Price for the month of March, due to continued increase in the crude oil price during February.

The retail prices are also inclusive of domestic sea and road freight rates for the first quarter of 2017, the new annual wholesale and retail margins for petrol, diesel and kerosene, including excise duty and Goods and Services Tax.

The ICCC reiterates that inspections will be conducted to ensure prices do not exceed the rates set by the commission and are complied with.

Picture credit: www.constructionweekonline.com

Cedric Patjole