Consumers can expect a decrease in the retail price of petroleum from 23 October, 2010.
The prices of ghee and flour will increase.
The price of motor sprit, diesel and premix outboard fuel will be reduced by three cents meaning the new price will now be $2.07, $1.82 and $1.99 respectively. The new price of kerosene will be $1.49, a reduction of two cents.
The wholesale and retail price of ghee will now range from an additional 6% to 8% while the wholesale and retail price of flour (normal) and sharp will increase by 6% on average.
The Attorney General and Minister for Industry and Trade Mr Aiyaz Sayed-Khaiyum said the approval for change in prices has been based on a submission by the Commerce Commission.
He highlighted the reduction in fuel price was due to reductions in the international refined product prices in October.
“This has also been supported by the weakening of the US dollar against our local currency, which is a very good sign," Mr Sayed-Khaiyum said.
“The increase in the wholesale and retail price of flour (normal) and sharp is a result of movement in the world market price of wheat due to the reduction in global wheat production,” he said.