Motorists to be hit hard with fuel price hike

Motorists will continue to be hit hard as fuel prices continue their upward spiral for the third consecutive month

With significant increases by over 13 per cent across the board, consumers will be forced to reach deeper.

The Independent Consumer and Competition Commission. (ICCC) made te announcement today, as fuels prices rose by double figures.

Petrol recorded the highest price hike with 21.13 toea per litre (tpl), Kerosense coming in second with a rise of 19.65 tpl, and diesel with 16.66 tpl.

This brings the price of petrol to K312.64 tpl (K3.13 per litre), Diesel to 244.58 tpl (K2.45 per litre), and Kerosene to 238.78 tpl (K2.39 per litre).

According to the ICCC, the increases are attributed to increases in the Singapore fuel prices, the low exchange rate value of the kina against the US Dollar and the increases in the new retail margins.

Last month fuels price increases were significantly minimal compared to November’s price increase.

Petrol was up by 8 toea per litre (tpl) – from 283.51 tpl in September, to 291.51 tpl, (K2.92/litre); Diesel is up by 1.77 tpl from 226.15 tpl in September to 227.92 tpl (K2.28/litre); and kerosene rose by 2.86 tpl – from 216.45 tpl to 219.13 tpl (K2.19/litre).

Author: 
Cedric Patjole