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Fuel Prices To Come Down Between 3% And 10% From March 16

The Institute for Energy Security (IES) has forecasted a decrease in fuel prices by 3% to 10% starting from March 16, 2023. The IES cited a decrease in the activities of price indicators over the past two weeks as the reason for their projection.

“…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,” the IES stated

The international crude oil benchmark, Brent experienced a slight decline from around $84.14 to $83.87 per barrel. While the average price also slightly decreased during the same period, it is noteworthy that it had previously been trading at around $86 per barrel midway through the two-week window. On March 14, 2023, the price per barrel of Brent further dropped to as low as $79.

The first pricing window of March 2023 has brought relief to domestic petroleum consumers, as prices of petrol and diesel have significantly dropped. The Institute for Energy Security (IES) monitored various Oil Marketing Companies (OMCs) during this period and found the national average price for petrol and diesel to be ¢13.53 and ¢13.69, respectively.

However, the national average price of Liquefied Petroleum Gas (LPG) sold for ¢15.44 per kilogramme, which is higher than the prices for petrol and diesel.

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