Petroleum Fund announces record fuel decrease

‘MAKERESEMESE LETUKA

MASERU – Consumers continue to throng outlets in villages in the outskirts of the capital, Maseru, to stock up on paraffin following Friday’s massive price cut by the Petroleum Fund. The Fund on Wednesday announced a monumental decrease on fuel prices in recent times; the drop became effective Friday March 10. The wholesale price of illuminating paraffin has been decreased by two Maluti and forty five (M2.45) Lisente per litre.

On the other hand, pump price for petrol93 has been decreased by three Maluti (M3.00), petrol95 is down by M3.05 Lisente per litre; the pump price of diesel50 is now down by M2.05 Lisente per litre. The government has decided to increase the oil levy by 15 Lisente per litre on petrol and diesel; the oil levy will now be M1.25 Lisente per litre.

The developments follow the Fund’s earlier announcement of its plans to reflect the view of various stakeholders within the petroleum sector, and build on previous plans achievements, while addressing its shortcomings and applying lessons learnt from in its new endeavours. The Fund committed to ensuring that it stays on schedule, responds to the national needs, and changes course when necessary.