Diesel takes a dip
Good news for consumers is that the price of diesel (50PPM) will decreased by 30c/l on 4 March, while the price for 95 octane unleaded petrol remains unchanged.According to the ministry of mines and energy, it has been eight successive months since the ministry has adjusted fuel pump prices - not because the adjustments in these months were not warranted, but because the ministry is trying to help the limping economy get back on its feet.
In a media statement the ministry said oil prices fell sharply in February on mounting worries about economic damage from the coronavirus that has spread from China to over 20 countries. The virus saw refined oil prices fall from an average of U$70 and U$75 per barrel in January for petrol and diesel respectively, to an average of U$65 and US$67 per barrel in February. Speculations are that prices may end below an average of US$50 per barrel in the near future.