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The Petroleum Fund is governed by the principles of good governance, the need to have Board that is committed to the organization’s mission, possess substantial leadership skills and expertise is therefore crucial.

The Petroleum Fund Board participated in three day annual Conference of Corporate Governance as from 14 - 17th July 2015 hosted by Mervyn E. King S.C and his Team of experts.

The issues were discussed during the conference:

  • Review recommendations for board charters, committee terms of reference, delegation of authority, and assessments of the effectiveness of the board, the individual directors and its committees.
  • Explore the rules and principles of governance and ethics in complex ethical situations.
  • Evaluate Corporate Governance in State Owned Enterprises: Politics, Tenders and the collapse of governance
  • Understand Cyber Compliance: The Board in Cyber- Ethics Cyber threats from a compliance perspective
  • How to drive organizational performance, how to coach and what level of acumen is required to be effective, chairs, CEO, Board members of the Executive
  • Effective corporate role in combating corruption
  • Strategies for aligning Rewards and Remuneration of Executives and the board from private and public sectors
  • Integrated Reporting & Integrated Thinking: A Global movement
  • Gain insight on Governance & Financial Crisis in Africa

The Honourable Minister of Energy Meteorology, Mr. Mochoboroane, the Principal Secretary, the Board, the Department of Energy and the Petroleum Fund Management undertook a two day study tour to Botswana Oil to learn about their approach towards the strategic fuel storage facility development and management thereof.

The two day tour entailed a site visit to the existing fuel storage facility in Gaborone and a construction site at Tshele Hill.

As a country, we are exposed to a risk of running short of fuel due to refineries shutdown or industrial strikes in the Republic of South Africa; which is the sole source of supply. Furthermore, the country relies on the oil companies’ storage facilities, which can only serve the country for about three days’ of Petroleum products supply. It is therefore upon this basis that it was felt imperative for Lesotho to Learn to construct its own Storage facilities which will run at least for a period of ninety (90) days.

Maseru- The Petroleum Fund Secretariat wishes to inform the public that the prices of petroleum products will be adjusted with effect from friday, September 9, 2016. The pump prices of petrol will be decreased by five (5) lisente per litre, both grades of diesel (50 & 500 ppm) will be decreased by thirty-five (35) lisente per litre and the wholesale price of illuminating paraffin will be decreased by Thirty (30) lisente per litre.

The new Retail Prices for all the districts of Lesotho shall be as follows:

Petrol M 9.20 per litre

Diesel 500 M 9.30 per litre

Diesel 50 M 9.55 per litre

Domestic Paraffin (Wholesale) M6.35 per litre

 

The Petroleum Fund wishes to appeal to all Retailers to charge proper prices because it is illegal to charge prices that are different from the gazetted ones. There have been tendencies in the past by some retailers of charging prices above that are above those set, this should not happen, and any retailer who will be found in contravention of this, shall be prosecuted accordingly.

 

The public is further made aware that there is a toll free number to which any non-compliance can be reported and this number is 80022004.

 

Copies of this "Press Release" can be obtained from the Petroleum Fund Secretariat office at Lenyora House Second Floor and local radio stations.

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