Gas prices to go down by $3.01 a litre, diesel dips by $3.02

Petrojam has announced a reduction in the ex-refinery prices for all fuel grades as of Thursday.

E10 87 and E10 90 gasoline will be cut by $3.01.

E10 87 will be sold at $183.92 a litre and E10 90 by $188.92. 

Automotive diesel oil will move down by $3.02 per litre to sell for $187.95.

Ultra Low Sulphur Diesel will see a reduction of $3.04 to sell for $192.44.

Meanwhile, the price of Kerosene will move down by $3.02 per litre to sell for $162.56 per litre.

Propane (Liquefied Petroleum Gas) will be sold for $81.86 per litre, down $2.96 per litre, while Butane (LPG), will be sold for $91.06, down $2.95.

Petrojam says the price movements this week were primarily the result of a number of factors including suppressed demand from China's lockdown of several cities due to a rise in COVID-19 cases.

Oil prices fell below the $110 per barrel mark early on Monday after China locked down several cities because of a surge in COVID cases.

Prices also fell following talks of progress in peace talks between Russia and Ukraine.

The market also reacted to news of a resumption of Iranian nuclear deal talks, raising hopes that Iranian oil would be returning to the oil market.

There was also a revaluation in the foreign exchange rate.

Marketing Companies will add their mark-ups to the announced prices.

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