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CORRECTED-Tanzania hikes fuel prices on weaker currency, crude costs
April 3, 2017 / 9:36 AM / 8 months ago

CORRECTED-Tanzania hikes fuel prices on weaker currency, crude costs

(Corrects first paragraph to show the fuel prices were in effect from March 1 and adds fourth paragraph to show the new prices will be in force until new prices are issued for April)

DAR ES SALAAM, April 3 (Reuters) - Tanzania’s energy regulator raised maximum retail prices of petrol and diesel effectively from March 1, citing higher international costs for both crude and refined products and a weaker local currency, a move expected to put upward pressure on inflation.

Fuel prices have a big effect on the east African country’s inflation rate, which rose to 5.5 percent year-on-year in February from 5.2 percent the previous month.

The Energy and Water Utilities Regulatory Authority (EWURA) raised the retail price for petrol by 5.18 percent and the price of diesel by 2.76 percent.

The monthly fuel cap prices will remain in force from March 1 until new prices are issued for April.

EWURA said the hike in retail prices were caused by “increases of world oil market prices, increases of bulk procurement system premiums and the continued depreciation of the Tanzanian shilling.”

The regulator hiked the price of petrol in the commercial capital Dar es Salaam by 102 shillings a litre to 2,060 shillings while the price of diesel was up by 51 shillings to 1,913 shillings.

Kerosene prices remained unchanged at 1,852 shillings per litre. (Reporting by Fumbuka Ng‘wanakilala; Editing by George Obulutsa)

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