The Petroleum Pricing Committee met on Friday. The decision was taken to reduce the price of petrol to Rs 69 per litre. It is now Rs 72.10. The reduction is therefore Rs 3.10. The price of diesel, meanwhile, has risen by Rs 3.95. The new price per litre is Rs 63.95.
This decision follows the government’s decision to inject Rs 250 million into the Mogas Price Stabilisation Account (PSA) for petrol. As a result, the price of petrol has been brought back to its level prior to the increase on Saturday 30 September.
As for diesel, this is the second price rise in the space of a week. Last Saturday, the price per litre rose from Rs 54.55 to Rs 60. This Saturday, a further increase of Rs 3.95 will be applied. The price will therefore rise to Rs 63.95 a litre.
However, the Finance Minister has announced that the government will be subsidising certain types of operator to the tune of Rs 5 per litre.
These announcements were made yesterday afternoon, by the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy and the Minister of Commerce and Consumer Protection, Dr (Mrs) Marie Christiane Dorine Chukowry.
Minister Chukowry recalled that the Petroleum Pricing Committee (PPC) met on Saturday 30 September 2023 and after taking note of the evolution of world prices of Mogas and Gas Oil and the estimated deficit in the Price Stabilisation Account (PSA), revised the retail price per litre of Mogas to Rs 72.10 and that of Gas Oil to Rs 60.00.
Dr Chukowry further informed that the PPC met again and decided to revise the price of Mogas to its initial Rs 69.00, following an exceptional support measure undertaken by the Ministry of Finance, Economic Planning and Development.
As regards the increase of Gas Oil, she pointed out the PPC has recommended another increase in its retail price, following the considered estimated deficit of around Rs 5 billion in the PSA, emphasising that Government abstained from increasing its price since September 2022 to enable the smooth functioning of the economy.
Minister Padayachy, on his part, underlined that Prime Minister, Mr Pravind Kumar Jugnauth, called upon him to investigate the possibility of rolling out relief measures following last week’s increase in fuel prices.
The Minister thus announced that following the gradual improvement in the economic situation, a budget of Rs 1 billion has been earmarked with the following twin goals: Firstly, Rs 200 million is being injected in the PSA to enable the revision of the price of Mogas to its initial price, that is Rs 69.00; and, Secondly, for each litre of Gas Oil, Rs 5 will be refunded by the Mauritius Revenue Authority to a selected category of business operators, entrepreneurs and companies that may be financially affected and find themselves in situation of loss, including, school van operators, bus contractors, Small and Medium Enterprises, small planters, and bakeries, upon presentation of their receipt.
These relief measures, he added, are geared towards supporting the population which is the most affected by the rise in fuel prices. Dr Padayachy reiterated the Prime Minister’s consideration for the population and renewed the latter’s commitment to continuously extend support when needed to improve their quality of life.