Business / Agribusiness Local

Petrol price set to rise; as diesel drops- COPEC

Fuel prices set to decline marginally from October 16 – COPEC

The Chamber of Petroleum Consumers (COPEC) has projected that the retail price of petrol will increase by 2.01% from April 16, 2023.

This forecast is based on the rise in international benchmark pricing from $772.75 per metric tonne to $900.20 per metric tonne, indicating a 16.49% increase.

Metro Lens

As a result, the retail price of petrol is expected to be around ¢12.41 per liter, which is up from the current mean value of ¢12.16 per liter. COPEC stated that the price of petrol at the retail pumps is anticipated to be sold between ¢11.79 liter and ¢13.03 per liter.

COPEC also noted that the price of diesel is expected to decline by 5.58%, from the current value of ¢12.71 per liter to between ¢11.40 and ¢12.60 per liter.

Moreover, the international price of LPG has slightly increased from $530.10 per metric tonne to $535.45 per metric tonne, representing 1.01%.

However, taking into account a decline in the forex rate for the period, the projected retail price of LPG is expected to decrease by about -4.74%, from the current industry retail average of ¢12.04 per kilogramme to ¢11.47 per kilogramme due to the drop in the dollar rate.

LPG is expected to be sold between ¢10.90 per kilogramme and ¢12.04 per kilogramme.

COPEC believes that these predictions are purely demand and supply-driven and are independent of all contributions from the G4O program.

According to COPEC, crude pricing has seen an increase from the previous mean price of $74.73 per barrel to $81.69 per barrel, representing 9.31%.

The forex market has also recorded a decline in depreciation from an earlier average of ¢12.5867 to ¢11.5450 (8.28%) per $1. This is in addition to the Chamber of Bulk Oil Distributors’ industry average rates of about $1 to ¢12.50.

In light of the drop in LPG consumption by 12% in 2022, COPEC has urged the government to consider easing numerous taxes on LPG or implementing a subsidy program on its price to promote and increase its usage and eventually help save the environment.

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