The Institute for Energy Security (IES) has projected that fuel prices at the pumps will decrease between 3% and 10% starting from today, March 16, 2023.
This is attributed to a recent decrease in price indicators over the last two weeks. All three key petroleum products – petrol, diesel and Liquefied Petroleum Gas (LPG) – are expected to see a reduction in price.
The IES stated that the decrease in both domestic and international price indicators could result in a reduction in the price of various petroleum products.
Domestic fuel market prices are expected to decrease by around ¢12.60 for petrol, ¢13.40 for diesel, and ¢14.00 per kilogramme for LPG.
In the international market, the Brent crude oil benchmark decreased slightly from about $84.14 to approximately $83.87 per barrel over the last two weeks.
The commodity, which traded at around $86 per barrel in the middle of the pricing-window, decreased to as low as $79 per barrel on Tuesday, March 14, 2023.
During the first pricing-window of March 2023, the IES found that the national average price for petrol and diesel decreased significantly to ¢13.53 and ¢13.69, respectively, providing some relief to domestic consumers.
However, the national average price of LPG remained high at ¢15.44 per kilogramme.
Leave feedback about this