Fuel prices to go up marginally

The Institute for Energy Security projection indicates that price of diesel is expected to go up marginally from the beginning of October, 2021.

However, price of petrol is expected to remain same, though some petroleum products including Liquefied Petroleum Gas will also go up.

“For the first Pricing-Window of October 2021, the 4.57% increase in the price of the International Benchmark- Brent crude, the 2.07% increase in price of Gasoline, the 10.28% increase in Gasoil price, the 0.63% depreciation of the local currency against the US dollar; the Institute for Energy Security (IES) projects for price of gasoil to increase and price of gasoline to remain stable on the domestic market at the various pumps as we enter October.”

Meanwhile, some Oil Marketing Companies (OMCs) have started adjusting their fuel prices upwards at the pumps.

One of the market leaders, Shell has taken the lead and it’s now selling a liter of petrol and diesel at ¢6.52.

Sources say the increase has been influenced by rising prices of finished petroleum products on the international market.

 It must be noted that Shell has decided to review its prices this time around because it did not adjust prices during the last pricing window, though its competitor, Total did that. 

The other major OMCs could follow by adjusting prices in the coming days.

Again, the IES said within the second pricing-window of September 2021, prices of petroleum products saw marginal increment in the local market.

“The local Oil Marketing Companies (OMCs), increased their price of petroleum products between 1% and 2% at the various pumps. The increase was in response to the increase in prices on the international market and the depreciation of the local currency against the US dollar.” IES noted

The current national average price of fuel per litre at the pump, it pointed out, is pegged at ¢6.18 for both petrol and diesel.

Meanwhile, the IES Market-Scan picked Benab Oil, Top Oil, Zen Petroleum, Cash Oil and Goodness Oil as the OMCs with the least-priced fuel on the local market for the window under assessment.

Source: myjoyonline.com