Motorists can expect even lower prices at the pumps after Finance Minister Eugene Cox announced a further drop in the maximum permitted price of fuel.

With effect from yesterday, the maximum price for gasoline is $1.19 a litre, down 1.5 cents a litre. The maximum price for diesel fuel is now 98.4 cents a litre, down 2.1 cents per litre, and the maximum price for kerosene is 74.7 cents per litre, down 2 cents per litre.

In November, the price of gasoline in Bermuda fell 2.4 cents a litre after the cost of crude oil continued to plunge around the world in the wake of September 11 terrorist attacks.

The price of gas has fallen world-wide because of weak demand and the plunging cost of crude oil.

Mr. Cox announced in November that gas had dropped 1.95 percent to $1.20.5 while the cost of diesel fell by 1.6 cents a litre or 1.6 percent to $1.005 and kerosene dropped 1.5 cents to 76.7 cents a litre.

In October the price of gas fell 7.4 cents making a litre of gasoline $1.229, diesel dropped 1.5 cents to $1.021 a litre, and kerosene fell 4.1 cents to 78.2 cents.