The Petroleum Pricing Committee met on Monday 8 October 2018 and approved that the retail prices of Mogas and Gas Oil be maintained at their present level. Their retail prices remain at Rs 49.65 and Rs 40.00 per litre respectively.
In a press release issued on 8 October 2018, the State Trading Corporation (STC) points out that decision has been taken to transfer an amount of Rs 350 million from the “Subsidy Reserve Fund” to the Price Stabilisation Account (PSA). As at 8 October 2018, the PSA shows a positive balance of Rs 296 million.
The Reference Prices used for the present exercise, that is the actual prices for July to September 2018 and the future prices for October to December 2018 are USD 729.46 per metric ton for Mogas, representing a decrease of USD 0.52 per metric ton (0.07%), and USD 93.15 per barrel for Gas Oil, representing an increase of USD 4.53 per barrel (5.11%) compared to June 2018.
In light of the above Reference Prices and the present exchange rate, the retail price of Mogas should have been increased by Rs 0.85 per litre or 1.72%. Since the percentage increase is below 4%, the retail price has been maintained.
According to the STC, the retail price of Gas Oil should have been increased by Rs 2.05 per litre or 5.13%, but has been maintained at its present level by using fund from the PSA in line with the Regulation 8 of the Consumer Protection (Control of Price of Petroleum Products) Regulations 2011.
As per Government decision, margins for Oil Companies and Petrol Service Stations have been reviewed for both Mogas and Gas Oil. The “Contribution to the construction of storage facilities for petroleum products” has also been reviewed to make provision for the Mer Rouge Oil Storage Terminal Co. Ltd project for the additional storage of 15 000 metric tons of Mogas and 10 000 metric tons of Gas Oil.
Source: Government of Mauritius