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General News
Fuel Prices To Go Up this Week 6/30/2013

Prices of some petroleum products are likely to go up marginally at the pumps, from next Monday, July 1, 2013.

This is because the National Petroleum Authority (NPA) is planning to carry out its bi-monthly review of prices this weekend. This could see petrol and Liquefied Petroleum Gas (LPG) go up by at least 1 pesewa, while diesel could go down marginally.

The increase might however not be characterized by the usual announcement because, the authority wants to prevent the usual hoarding and queues at the service stations prior to announcements.

Consumers might also be spared any increases if government decides to step in to cushion them from the expected price hikes. Prices of petroleum products went up marginally in June, after government decided to scrap subsidies on petrol, diesel and LPG.

Meanwhile, the country could also from next month experience serious shortages in petroleum products unless government releases monies owed the bulk distributors.

Joy Business has learnt the distributors have notified government that they might not be able to import fuel for the next three months because of financial difficulties.

Government''s failure to settle some huge debts owed them has made it difficult for them to secure credits from banks to aid import of the products.

The situation if not addressed quickly could affect fuel supplies since majority of the petroleum products on the market are brought in by these distributors.

Source: Joy news





 
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