May 2024 Fuel Price Media Release
01 May 2024

Dear stakeholder,

The Ministry would like to communicate its May 2024 fuel price review decision as follows:

That the Ministry recorded:

  • under-recoveries of 123.567 cents per litre on petrol
  • under-recoveries of 60.214 cents per litre on diesel 50ppm
  • under-recoveries of 51.208 cents per litre on diesel 10ppm

Therefore, the Ministry is hereby announcing that:

  • petrol prices will increase by 70 cents per litre.
  • both diesel grade prices will increase by 40 cents per litre.
  • NEF will absorb the reminder of under-recoveries.

The Ministry has also resolved to extend the temporary Relief Margin of 20 cents per litre offered to the oil importers for another six (6) months or until such time that the relief margin is reviewed.

These adjustments will come into effect on Thursday, 02 May 2024.

Kindly find the detailed release attached hereon.

Download media release