The Institute for Energy Security (IES) predicts that fuel prices will decrease by between 3 and 10 percent at the pump beginning tomorrow, March 16, 2023.
Following a two-week fall in price indicator activities, this is to be anticipated. Petrol, diesel, and Liquefied Petroleum Gas (LPG) are all expected to be reduced in price.
It’s possible that gas station prices will go down since “price indicators on both the local and international fronts have fallen in recent weeks,” as the IES put it. Prices for gasoline, diesel, and liquid petroleum gas (LPG) on the domestic market are expected to decrease to $12.60, $13.40, and $14 per kilogram, respectively.
In the past two weeks, the price of Brent crude oil, a global benchmark, has dropped from around $84.14 per barrel to around $83.87. Overall, this amounted to a little decrease in pricing for the time frame analysed.
The commodity, which had been trading at around $86 per barrel in the middle of the session, dropped to as low as $79 per barrel in the beginning of Tuesday, March 14, 2023.
Consumers of oil products on the domestic market were given a discount during the first cost estimate for March 2023. Petrol and diesel prices have dropped dramatically, bringing brief relief to American motorists.
The national average for petrol and diesel was 13.53 and 13.69, respectively, according to IES monitoring of several Oil Marketing Companies (OMCs) during the pricing frame under consideration. Yet, LPG costs an average of $15.44 per kilo across the country.
Source – Tru News Report
