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June 5, 2023
June 6, 2023

Hand holding gasoline nozzle for car refueling at gas station

The price of all grades of gas and diesel is falling this week, which will provide some comfort to
consumers who are tight on cash at the petrol pumps.


With a rise in petrol prices, the price of paraffin will also go down.


The Department of Mineral Resources and Energy (DMRE) has issued the following fuel price
modifications:


 Both grades of petrol will decrease by 71c per litre, while diesel will decrease by 80 and 84
cents per litre and illuminating paraffin by 43 and 58c per litre.
 • LP gas, however, will cost 75 cents more per kilogramme.Illuminating paraffin will cost 43c
cheaper in wholesale. Illuminating paraffin’s Single Maximum National Retail price will drop
by 58c. There will be a 75c rise in the Maximum LP Gas Retail Price.


“The average international product prices of petrol, diesel and illuminating paraffin followed the
decreasing trend of crude oil prices during the period under review, while the price of LPG increased.
“Petrol and diesel prices decreased, even though there is increased demand ahead of the driving
season in the Northern Hemisphere. LPG prices increased due to the increase in the prices of
Butane.


“These factors led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating
paraffin by 125.11 c/l, 133.83 c/l and 94.95 c/l, respectively,” the department said.
The DMRE added that the decrease in the cost of Brent Crude Oil also contributed to the lowered
fuel prices.


According to the department, the factors leading to this include:


 The release of the Chinese Purchasing Managers Index (PMI) data, which has decreased,
indicating lower economic growth. On the other hand, demand for crude oil imports to
China is increasing, although at a slower pace compared to April 2023.
 The collapse of a third bank in the US (First Republic Bank), which created uncertainty and
fears of another financial crisis.
 The passing of the US debt ceiling bill, which indicates the ability of the US government to
meet financial obligations. The conclusion cushioned crude oil prices from decreasing
further.
 The unexpected inventory builds despite OPEC+ production cuts announced in April 2023.
The market is uncertain if further cuts will be discussed at the upcoming meeting in June
2023.


The price adjustments will be effective from Wednesday.

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