The Energy and Petroleum Regulatory Authority (EPRA) on Thursday released the latest adjustment to maximum retail prices of petroleum products per Section 101(y) of the Petroleum Act 2019 and Legal Notice No.192 of 2022.
The newly revised prices will take effect at midnight and remain applicable for the next 30 days.
EPRA clarified that the prices include a 16% Value Added Tax (VAT) in compliance with various tax laws and the Finance Act 2023, along with adjusted exercise duty rates as per legal notice No.194 of 2020.
The reduction in fuel prices is attributed to a notable decrease in the landed cost of imported petrol. The cost decreased by 16.11% from US$827.75 per cubic metre in October 2023 to US$694.44 per cubic metre in November 2023.
EPRA outlined specific decreases in landing costs for Diesel (5.43%) and Kerosene (6.63%) from October to November 2023. Diesel’s cost dropped from US$873.42 per cubic metre to US$826.01 per cubic metre, while Kerosene reduced from US$813.90 per cubic metre to US$759.93 per cubic metre.
