The Price of Petrol and Diesel Remains Unchanged
10 December 2013 - Défi Media Group
The Petroleum Pricing Committee met Friday afternoon and decided to keep the selling price of petrol and diesel at the pump unchanged.
This after checking data on the selling price of these two products as provided under Section 8 of the Consumer Protection (Control of Price of Petroleum Products) Regulations 2011. Thus, motorists continue to pay the petrol Rs 52.25 per liter and diesel at Rs 43.95 per liter. Note that the selling price of these two products at the pump remained unchanged from March 2011 to March 2013, during which there had been an increase.
One point that emerges from the exercise of Friday is the fluctuation in the calculation for gasoline and diesel declined 3.23% and 1.99% respectively. That is to say that these figures are below the 7% threshold. You should know that for a drop is applied to the sale price at the pump, it is necessary that the cost of petroleum products import experiencing a minimum decrease of 7%. In the event that the decline is less than this percentage, the sale price is kept in force and the difference is not passed to motorists is directed to the Price Stabilization Account.
On the other hand, if the cost import experiencing increase more than 5%, then the increase is passed on to consumers. Up to 5%, the shock for motorists can be amortized by Price Stabilization Funds Account. But this requires that there is money available in the fund.