This archive report was first published on 14 June 2020.
As of midnight, consumers of Super Petrol will pay more, while those of Diesel and Kerosene will pay less, following the latest fuel price adjustment announced by the Energy and Petroleum Regulatory Authority (EPRA).
The regulator attributed the changes to the increase in the average landed cost of imported Super Petrol by 31.54 per cent from US$ 188.70 per cubic metre in April 2020 to US$ 248.21 per cubic metre in May 2020, while Diesel decreased by 5.58 per cent from US$ 242.13 per cubic metre to US$ 228.62 per cubic metre and Kerosene decreased by 51.84 per cent from US$ 262.44 per cubic metre to US$ 126.39 per cubic metre.
According to Pavel Oimeke, Director General of EPRA, the computation of the pump prices has taken into account the changes effected by the Tax Laws Amendment Act 2020, which made taxes and duties part of the vatable amount in the calculation of VAT for petroleum fuels.
EPRA had previously raised concerns over an artificial shortage in parts of the country, caused by retailers anticipating price increases, and threatened oil marketing companies with financial penalties, jail terms, and revocation of licences for cartel-like behaviour.
