By Yusef Taylor, @FlexDan_YT
Fuel prices have dropped for the first time in 2020 by almost D4 for Diesel and almost D2 for Petrol. According to fuel prices published by one of the country’s biggest fuel providers, Atlas Energy Ltd, fuel prices last declined in October 2019 for Petrol and in September 2019 for Diesel. The biggest price drop in 2019 was in July when prices dropped by almost D4 and D5 for Diesel and Petrol respectively.
Since the beginning of the fourth quarter of 2019 Fuel prices have remained stable with an increase of less than D2 from October 2019 to February 2020 for Petrol. Diesel prices, on the other hand, have been more volatile, increasing by D3 from September 2019 to February 2020. At the start of the year [January 2020], fuel prices increased by around 50 Bututs for both Petrol and Diesel from the preceding month. The following month, [February 2020] Fuel prices remained the same at D52.6 for Petrol and D54.9 for Diesel. March 2020 fuel prices have both declined to D50.7 for Petrol and D51.1 for Diesel representing the second-biggest price drop since June 2020.
2019-2020 Fuel Prices Chart showing Price Hikes and Price Drops (c) Author
2019 Fuel Prices
The average price of fuel in 2019 was D51.5 and D53.3 for Petrol and Diesel respectively. Last year fuel prices were at their lowest at the start of the year [January 2019], costing less than D46 and D51 for Petrol and Diesel, respectively. By April 2019 fuel prices had shot up by over D4, rising to D50 for Petrol and D55 for Diesel.
By June last year, both Petrol and Diesel prices peaked, fetching the highest amount of Dalasis per litre with the price of Petrol eclipsing the price of Diesel. The highest price for fuel in 2019 was D56 for Diesel and D57 for Petrol. In the final quarter of 2019, the average price of fuel was D52.1 and 54.1 for Petrol and Diesel respectively.