Fuel prices are likely to decline between 3% and 10% at the pump starting tomorrow, March 16, 2023, according to the Institute for Energy Security (IES).
This follows a two-week drop in the activities of price indicators.
Prices for all three major petroleum products – petrol, diesel, and liquefied petroleum gas (LPG) – are forecast to reduce.
The IES said “the last two weeks has seen price indicators on both the domestic and international fronts falling and this can translate into some price reductions at the pumps for various petroleum products”.
Domestic fuel costs are expected to decline between ¢12.60 for petrol, ¢13.40 for diesel, and ¢14 per kilogram for LPG.
World oil market
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Over the last two weeks, the international crude oil benchmark Brent decreased to around $83.87 per barrel from around $84.14 per barrel. This indicated a slight decrease in the window’s average pricing.
The commodity, which was trading at around $86 per barrel in the middle of the window, fell as low as $79 per barrel at the start of Tuesday, March 14, 2023.
Fuel market performance
The first pricing window for March 2023 provided some relief to domestic petroleum product users.
Petrol and diesel prices have dropped dramatically, providing some relief to domestic consumers.
The nationwide average price for petrol and diesel was ¢13.53 and ¢13.69, respectively, according to the IES monitoring of various Oil Marketing Companies (OMCs) during the pricing-window under review.
Yet, the national average price of LPG was ¢15.44 per kilogramme.
SOURCE: myjoyonline
