The National Petroleum Authority (NPA) has allayed the fears of the public over possible increment in fuel prices at the pumps this festive season.
The stable pricing of the petroleum products comes as a result of a marginal drop of fuel prices on the world market. The Exchange Rate has also remained relatively stable, the NPA announced in a statement.
It also said it has also “activated the price stabilization mechanism to avoid any upward adjustment in prices.”
Below is the full statement:
PRICES OF PETROLEUM PRODUCTS TO REMAIN STABLE AT THE PUMPS
The Authority wishes to advise the general public that prices of petroleum products at the pumps are expected to remain stable over the pricing window, 16th December to 31st December 2017.
This is as a result of a marginal drop of fuel prices on the world market. The Exchange Rate has also remained relatively stable.
Additionally, in line with a directive from the Ministry of Energy, the Authority has activated the price stabilization mechanism to avoid any upward adjustment in prices.
The Authority has therefore adjusted the PRICE STABILIZATION and RECOVERY LEVY (PSRL) on Diesel and LPG. This adjustment will not result in any price increment.
The Authority assures the general public that it will be monitoring the prices to ensure consumers benefit from government’s decision to use the PSRL to manage variations at the pumps.
Corporate Affairs Division