Welcome Note by Petroleum Fund Executive Secretary
Petroleum Fund (The Fund) was established with the mandate to finance petroleum related projects, to address the objectives of its enabling legislation which addresses, among others, the purchase of petroleum products in times of need; and the improvement of the distribution of petroleum products throughout the country.
The foremost priorities of the Fund will, in the short to medium terms, be on its mandate of ensuring the security of supply of petroleum products in the country as fuel supply shortages by the Oil Companies are becoming a recurring activity. The Fund is committed to embark on petroleum investments to remedy situations such as those and to improve on the livelihoods of the Basotho nation.
On the other hand, the Minister of Energy and Meteorology, under the Fuel and Services Control (delegation) Notice 78 of 2000, delegated powers to the Fund to set the price and time at which petroleum prices may be adjusted. In line with this mandate, the site offers multiple reports focusing on areas beneficial to ones’ interest on petroleum products pricing and the factors influencing those prices.
Lastly, in terms of content provision, this site is work-in-progress. The Fund is about to embark on a restructuring exercise, towards a turnaround, including taking steps to operationalise its statutory mandate. A consultant will shortly be procured to undertake a transaction advisory services in this regard. Accordingly, more and more information will continue to be updated, in line with progress in the two processes mentioned above.
In the meantime, enjoy surfing this site, with a hope that it can be a useful slate in providing vital information about the Petroleum Fund.
Thato Mohasoa Mr.