By Makutu Manneh
The Ministry of Petroleum, Energy, and Mines has announced lower retail fuel prices for July, citing the outcome of its monthly review of petroleum prices under the government’s fuel pricing mechanism.
In a statement issued on July 1, the ministry said the new pump prices will see petrol retail at D101.10 per liter, diesel at D113.52 per liter, and kerosene at D95.54 per liter.
The ministry said the monthly review is conducted in accordance with the government’s petroleum pricing framework, which considers international refined petroleum product prices, import costs, exchange rate fluctuations, statutory taxes and levies, and other components that determine domestic fuel prices.
Officials said the government would continue to monitor developments in the global oil market and broader economic conditions before making any further adjustments.
“The Ministry will continue to closely watch developments in the international oil market and other relevant economic indicators and will undertake future price adjustments, where necessary, following the established pricing mechanism,” the statement said.
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