A RECENT statement by the Department of Mineral Resources and Energy will bring a slight damper to motorists this festive season.

It has been announced that both grades of petrol, 93 (ULP and LRP) and 95 (ULP and LRP), would increase by 22 cents a litre.

Meanwhile, the price of diesel (0.05 per cent Sulphur) will come down by 14.95 cents, while that of diesel (0.005 per cent Sulphur) will decrease by 15.95 cents a litre.

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The price of illuminating paraffin (wholesale) will decrease by 17.95 cents per litre, while that of illuminating paraffin (SMNRP) will come down by 24 cents a litre.

Meanwhile, diesel prices decreased due to seasonal decline in demand and ample refinery supplies.

The price adjustment will come into effect on Wednesday.

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“The main reason for the petrol price increases is that the average Brent crude oil price increased from 59.72USD to 62.68USD per barrel during the period under review. The Crude oil prices increased following signals of the extension of Organisation of the Petroleum Exporting Countries (OPEC) production cut into mid-2020, and signs of a new round of trade talks between China and the United State of America,” said the department on Tuesday.

“Furthermore, the weak domestic diesel demand in India pushed larger-than-usual diesel flows into the global market,” said the department.

In November, both grades of petrol came down by 13 cents a litre. In October, the price of petrol rose by between 18 and 4 cents a litre while in September both grades of petrol rose by 11 cents.

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