Africa-Press – Lesotho. Petroleum prices in Lesotho are subject to monthly adjustments based on a review of international and local factors. This was said by the Petroleum Fund Chief Executive Officer (CEO), Mr. Thato Mohasoa following the fuel adjustment prices in Lesotho with effect from Wednesday, 06 August 2023. Mr.
Mohasoa said the costs of fuel and its usual adjustments are determined by various factors from the petroleum products major refining centres of the Middle East, the Mediterranean and Singapore such as transportation, the costs of the petroleum products at these centres and the associated duty charges.
He said the current increase in diesel and paraffin prices could be attributed to a decline in the shipment of Russia’s crude oil, specifically the Urals blend, which is known for its high middle distillate content.
He added that the current high petrol prices can be attributed to low inventories and refinery outages. These issues have caused production problems with blending components used in the creation of summer-grade petrol. Mr. Mohasoa said this has led to a shortage in the market, which has subsequently driven up the cost of fuel commodities.
As a result of the factors mentioned above, fuel prices have increased with effect from September,06 as follows, Petrol 93/95 increased by M1.90 per litre, Diesel50 increased by M3.15 per litre, Illuminating Paraffin increased by M2.70 per litre.