Gasoline costs 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 activity of price indicators.
Prices for all three major petroleum products – gasoline, diesel, and liquefied petroleum gas (LPG) – are forecast to reduce.
“The last two weeks have 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,” according to the IES.
Domestic fuel costs are expected to decline between ¢12.60 for gasoline ¢13.40 for diesel, and $14 per kilogramme for LPG.
Over the previous 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.
The first pricing window for March 2023 provided some relief to domestic petroleum product users.
Petrol and fuel prices have dropped dramatically, providing some respite to home 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.
