Petrol Increase by 49 c/l, Diesel 58 c/l as oil continues to trade higher amidst OPEC proction cuts.

The department of energy made the fuel price hike announcement a few moments ago.

The Energy Department has confirmed that the fuel price will increase by 49 cents and diesel,  between 58 and 59c/l.

The wholesale price of illuminating paraffin will increase by 69c/l, while the retail price of LPG will increase by 70c/kg.

The price hikes will be effective from 2 May.

The reason being that oil is trading significantly higher than that of the last few years. The higher prices are attributed to OPEC’s production cuts resulting in dwindling global stock piles.