The Department of Energy is considering a proposal to stop setting the retail price of 93-Octane petrol.
This plan will see a price ceiling put in place for the fuel. This move will create competition, which will in-turn lower the price because people are unnecessarily using 95-unleaded petrol.
The proposal will also help to ease the current pressure on the local refining industry is experiencing in the manufacture and import of 95-ULP.
The department also believes the reduction of imports of 95-ULP will have a positive contribution to the trade balance.
The Fuel Retailers Association is yet to comment on this and said internal discussions are underway.
It has until October 18 to comment on the plan.
-ENCA
