MASERU — Motorists will breathe a sigh of relief after the Petroleum Fund slashed the prices of fuel on Friday.
The petroleum prices regulator announced that the pump price of petrol would be reduced by 15 lisente a litre.
Diesel would be five lisente cheaper while the price of illuminating paraffin would be slashed by 10 lisente a litre.
This is the third fuel price reduction since June.
The Petroleum Fund slashed the price of petrol by 30 lisente while that of diesel and paraffin was cut by 25 lisente since June.
The Fund said the decreases had been necessitated by the softening of crude oil prices on the international market.
The strong loti — which is tied one-to-one to the South African rand which has recently appreciated against the US dollar – has also been a factor in the decrease.
The US currency is the basic unit used in the sale of crude oils.
The reduction in the prices of fuels will have a positive impact on the prices of basic goods and services. — Staff Reporter.