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The Petroleum Regulatory Agency (PRA) has announced a reduction in the prices of petroleum products, effective for November 2024.
while maintaining pump prices for petrol and diesel for November. According to the PRA, this adjustment comes in response to global oil market trends and local economic conditions.
As of November 2024, the updated fuel prices are as follows:
Petrol: NLe 27.30 per litre
Diesel: NLe 27.40 per litre
Kerosene: NLe 25.87 per litre
Fuel Oil: NLe 25.55 per litre
In a press release, the PRA outlined the factors influencing this price reduction. The agency pointed to fluctuations in the global oil market, where prices initially surged in early October before slowing down towards the end of the month. The statement also noted that these shifts resulted in an “under-recovery” for both petrol and diesel, prompting the agency to make necessary price adjustments.
Additionally, the depreciation of the Leone by 1.41% against the US dollar further impacted the cost of fuel at the pump. The combination of increasing global fuel demand and ongoing tensions in the Middle East contributed to upward pressure on prices, although the PRA managed to adjust costs downward to ease the burden on consumers.
The PRA also detailed several financial measures related to the price adjustments, including:
Price Correction Levy: Data from West African Platts and FOB Med indicated no need for a price correction on petrol. However, a price correction of NLe 0.30 per litre was applied to diesel to account for discrepancies in the diesel market.
Debt Recovery Fund: Contributions of NLe 1.32 for petrol and NLe 1.06 for diesel have been allotted to the Debt Recovery Fund.
Infrastructural Development Fund (IDF): NLe 0.50 per litre for both petrol and diesel was maintained for infrastructural development purposes.
The PRA emphasized its commitment to monitoring the global oil market and making further adjustments as needed to ensure fuel prices remain fair for consumers while also supporting national development initiatives.
What are the adjustment on fuel😂😂
Hmmmmm
You should bring the fuel pump to 20le
The price is still the same
Really I am happy to see such government that really makes things easier and more productive achievement guide and intervention of such stuff. So please what we need to see that our country elected president Boi guide the majority of the business individuals. Like for rice for bag are not fools. Government needs to critically looks into the measuring of the rice and oil including other items of measurement to please make sure that things are measured in justice and balance scale. Especially our stupull food rice. This need to be weight before sale to costomars. Thanks 🙏.
Nothing change for November
This is exactly what parents do in order to provoke their subjects.(Children)
It’s well
Thank you for your commitment and dedication to develop and empower our country.
I don’t see any thing necessary about this
Nothing changed in the fuel ⛽️ 😎
It’s better remaining the same because nothing changed.
Provocation to the highest level,but this is what we expect from sick minded politicians
What really changed about all this?