Fuel Prices Drop as Gas Costs Surge: What’s Behind the Changes?

Fuel prices are set to decrease starting tomorrow, November 1, 2024, while Liquefied Petroleum Gas (LPG) prices will see a rise.

The price of motor spirit will drop from $2.73 per litre to $2.62. Similarly, the cost of premix fuel will decrease by 12 cents, going from $2.55 to $2.43 per litre. Kerosene prices will also see a reduction, falling from $1.79 to $1.67 per litre, while diesel will decrease by 15 cents, with the new price being $2.18 per litre.

Conversely, LPG prices will increase. A 4.5kg cylinder of gas will now cost $14.97 following a 17 cents hike, while the price for a 12kg cylinder will rise from $39.46 to $39.91. Additionally, bulk gas will see an increase from $3.04 to $3.08 per kg, and autogas will rise slightly by 2 cents, now costing $2.16 per litre, up from $2.14.

This change reflects the dynamic nature of fuel pricing, influenced by various factors including market demand and supply conditions. While the decrease in fuel prices offers some relief to consumers, the increase in LPG prices highlights the ongoing challenges in energy pricing.

As we move forward, consumers may find some comfort in the reduction of prices for motor spirit, premix, kerosene, and diesel, which can help ease transportation and everyday expenses.