The latest fuel prices released by the Independent Consumer & Competition Commission yesterday show petrol dropping by mire than 8 toea per litre (tpl) and diesel and kerosene dropping by over 10 tpl.
The decreases follow three months of consecutive fuel price hikes with November recording the highest with all three main fuels rising by 13 per cent.
The new retail price for petrol stands at 299.78tpl (K3.00 per litre) after dropping by 8.40tpl.
Diesel price fell by 10.20tpl with the new price standing at 238.84tpl (K2.39 per litre) from 249.05tpl (K2.49 per litre).
Kerosene also fell by 10.29tpl with the new price standing at 228.49tpl (K2.29 per litre)
The ICCC says the decrease is attributed to the falling Import Parity Price (IPP) for November.
The prices for November decreased in response to market sentiments that the proposed cuts to crude oil production by the Organization of Petroleum Exporting Countries (OPEC) on November 30th may not eventuate.
This follows disagreements between Saudi Arabi and Iran over the level of production cuts to be made by OPEC members and Russia proposing not to reduce its crude oil production but only to freeze its production levels at the November 2016 levels.
The ICCC says it will continue inspections to ensure fuel retailers are complying to the new set prices.