Fuel consumers in the country will now have to dig a little deeper into their pockets to pay for fuel this month because the fuel price for all the three petroleum products, has already increased as of Friday the 8th of September. According to the Independent Consumers and Competitions Commission (ICCC), the price for Petrol, Diesel and Kerosene have increased due to the increased price of crude oil in the month of August. This average increase of crude oil was due to reduced oil production by OPEC (Organization of the Petroleum Exporting Countries) and its allies, and the improved global macroeconomic condition which has contributed to increased oil demand. The domestic retail fuel prices (IRPs) for this month are inclusive of the Import Parity prices (IPP) or the imported costs for each petroleum product, domestic sea and road freight rates for the third quarter of 2023, the annual wholesale and retail margins for 2023, and the Goods and Services Tax (GST), including the applicable excise duties, among other parameters. The retail prices in all other designated centers will change according to their quarterly approved domestic freight rates, and their respective annual retail margins for 2023. For all other centers, the maximum retail prices for each regulated petroleum product will change on average as follows: · Petrol prices will increase by 25.17 toea per litre; · Diesel prices will increase by 44.95 toea per litre; and · Kerosene prices will increase by 48.77 toea per litre. The prices set by the ICCC are the indicative maximum retail prices, for which retailers may choose to sell below the ICCC approved maximum price. ICCC inspectors will continue to conduct spot checks after 8th September, to ensure on-going compliance by retail fuel operators. Consumers are also advised to report any instances of overcharging by retailers through the ICCC’s Consumer Protection Division, or by contacting the ICCC Regional Offices.