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Tanzania cuts fuel pump prices over oil slump

Tanzania’s energy regulator on Thursday cut the retail prices of petrol, diesel and kerosene due to the global oil price slump, in a move likely to further ease inflationary pressures.

Fuel prices have a big effect on inflation in East Africa’s second-largest economy.

The Energy and Water Utilities Regulatory Authority (EWURA) slashed the maximum retail price on a litre of petrol by 6.83 per cent to 2,029 shillings ($1.1634) in the capital Dar es Salaam.

It also slashed that of diesel by 5.85 per cent to 1,909 shillings per litre.

The price of kerosene was reduced by 7.16 per cent to 1,888 shillings per litre.

“This notable drop in retail and wholesale local prices has been caused by a continued trend of falling world oil market prices and a decrease in the supplier’s premium. “Prices would have dropped further had it not been for the depreciation of the Tanzanian Shilling against the U.S. dollar,” authority said in a statement.

The price adjustments took immediate effect and would stay in place for one month, the statement added

Tanzania’s year-on-year inflation fell to 5.9 per cent in October from 6.6 per cent the previous month. One U.S. dollar is exchanged for 1,744.0000 Tanzanian shilling.

NA
Copyright:
Punch News
Published on:
December 4, 2014
Source url:
http://www.punchng.com/news/tanzania-cuts-fuel-pump-prices-over-oil-slump/
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