Good news for motorists

Good news for motorists

MASERU – LESOTHO’S motorists heaved a sigh of relief last Friday after the Petroleum Fund slashed the price of petrol by a massive R2 per litre.
The price of diesel has also been cut by M1.55 per litre.

A litre of petrol will now cost M11.95 for petrol 93 and M12.05 per litre for petrol 95, down from the previous price of M13.95 and M12.05 respectively.
A litre of diesel will now cost M13 for diesel 500 while diesel 50 will cost M13.30 per liter.

In a press statement issued last Thursday, the Petroleum Fund said the fuel price adjustments will affect the whole of Lesotho.
Basotho who are using paraffin will also experience massive savings as the price of paraffin has been reduced to M9.15 per litre, down from the previous M11.15 per litre.
According to the Petroleum Fund, the main reason for the price cut was a decrease on free-on-board fuel.

The appreciation of the rand against the US dollar which was said to be around 5.5 percent in November might have also impacted on the price decrease.
This led to low cost of purchasing fuel by South Africa. This has had a trickle effect on Lesotho since it buys fuel from South Africa.
The Petroleum Fund said the international oil price had continued to decline in November, dipping well below US$70 (approximately M980) to US$67 (about M938) a barrel. The Petroleum Fund appealed to all retailers in Lesotho to charge the correct prices.

“There has been a tendency in the past by some of the retailers of charging prices that are above those set and that kind of behavior must stop,” the Fund said.
“Any retailer who will be found in contravention, will be prosecuted accordingly,” it said. “The public is further made aware that there is a toll free number of which any non-compliant (retailer) can be reported, which is 800 22004.”

The price fall will not only affect the motorists but the economy at large.
Last month, the Central Bank of Lesotho released a statement on the increase of the repo rate by 25 basis point. The main concern was the inflation rate which has risen to 5.1 percent due to amongst other reasons the high fuel prices.

Refiloe Mpobole

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