MASERU- Motorists will have to dig deeper into their pockets following an increase in petrol prices effective from Friday.
business
Sept. 5, 2020
NEO SENOKO
2 min read
Fuel prices hike again
The increase will pile more pressure on consumers who are already reeling with high food prices and tough economic conditions induced by the COVID-19 pandemic.
Entrepreneurs are also likely to feel the impact due to the increase and might regain control through pricing of food and other commodities.
The Petroleum Fund on Thursday released new fuel prices, revealing that the pump price of petrol93 has been increased by 40 cents per litre while petrol95 has been increased by 35 cents per litre.
On a lighter note, diesel prices have been decreased by 15 cents, with the wholesale price of illuminating paraffin also decreasing by 10 cents per litre.
These changes now mean petrol 93 is selling at M11.60 per litre with petrol 95 currently selling at M11.70 per litre.
Price of diesel 50 has dropped to M11.85 per litre and domestic paraffin has dropped to M6.75 per litre.
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Petroleum Fund has also raised concerns over retailers who take advantage and overcharge consumers, warning them against such illegal acts.
“The Petroleum Fund wishes to appeal to all retailers to charge proper prices because it is illegal to charge prices that are different from the gazette ones.
“This appeal comes from past observations that some retailers have continued to charge prices that are above those set. Any retailer who will be found to be charging prices in contravention of these newly set prices shall be prosecuted accordingly,” Petroleum Fund Executive Secretary Thato Mohasoa said in a statement.
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