Tanzania’s energy regulator lowered maximum retail prices of fuel on Saturday.

The Energy and Water Utilities Regulatory Authority reduced the retail price of petrol by 0.66 per cent, diesel by 2.76 per cent while maximum kerosene prices were lowered by 0.91 per cent.

The authority cited declining international crude oil and refined product prices for its reason, adding that the move was to exert downward pressure on inflation.

READ ALSO  Hold APC accountable on manifestos – Activists

It said the new price caps take immediate effect.

“To a large extent, these changes have been caused by changes in prices of petroleum products in the world market,” the agency said.

READ ALSO  Customers picket bank for withholding N294m in Ebonyi

Fuel prices have a big effect on the inflation rate in the East African country, which slowed to 4.9 per cent year-on-year in August from 5.1 per cent the previous month.

In June 2015, the regulator increased the price of petrol in the commercial capital Dar es Salaam by 100 shillings per litre to 1,966 shillings ($0.91), while that of diesel rose by 88 shillings to 1,782 shillings.

READ ALSO  IPOB ex-rays Nnamdi Kanu's charges

Kerosene prices in Dar es Salaam were unchanged at 1,624 shillings per litre. (Reuters/NAN)

AdAre you a One Minute Man? This Nafdac Approved Solution Would Help you Last 30mins+ with no side effects