Business News Fri, 1 Dec 2017

Fuel prices cut; LPG levy down 70%

The National Petroleum Authority (NPA) has given orders to all Oil Marketing Companies (OMCs) and LPG Marketing Companies, to use revised prices in the Price Stabilisation and Recovery Levy Act to control recent price increases in petroleum products.

The Energy Ministry recently raised concerns over recent fluctuations in the prices of petroleum products due to strong political and economic influence from oil producing countries across the world.

Petrol will thus remain at 12 pesewas per litre, while diesel and LPG are revised to 3 pesewas per litre from 10 pesewas per litre.

The Ministry of Energy said “it is conscious of the harsh effects of the upward movement in the price as a result conditions in the international world market”.

Read the full statement below:

Source: classfmonline.com
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