The New Year has come with good news as fuel prices have decreased for the coming month, according to the latest announcement by the Ministry of Finance.

Petrol prices go down 8.1 sene per litre from $3.23 to $3.15 per litre, diesel drops by 18.9 sene per litre from $3.57 to $3.38 per litre. The biggest drop is in the price of kerosene which is reduced by 20.8 sene per litre, dropping from $3.20 to $3.00 per litre.

According to the Ministry of Finance, the cause for the decrease is the supply by the countries that are not members of the Organisation of the Petroleum Exporting Countries. The statement said that despite OPEC reducing their supply, non-OPEC countries met the shortfall.

The Ministry of Finance further stated that appreciation of the tala over US dollars led to reduced freight cost of fuel.