Some Oil Marketing Companies (OMCs) have begun lowering gasoline prices at the pump as of today, March 16, 2023.
GOIL, a leading OMC, sells a litre of petrol for $12.95 and diesel for $13.49 per litre.
TotalEnergies has also reduced the price of petroleum products at the pump, with a litre of petrol costing $12.95 and a litre of diesel costing $13.49.
Shell also sells a litre of diesel for $13.49 and a litre of gasoline for $12.95.
Petrosol, another OMC, sells a litre of petrol for $12.97, while diesel costs $13.37 per litre.
As of today, March 16, 2023, some Oil Marketing Companies (OMCs) have begun lowering gasoline prices at the pump. A litre of petrol costs $12.95 and a litre of diesel costs $13.49 at GOIL, a leading OMC.
TotalEnergies has also reduced the price of gasoline at the pump, with a litre of petrol now costing $12.95 and a litre of diesel now costing $13.49. A litre of diesel costs $13.49 and a litre of gasoline costs $12.95 at Shell. Petrosol, another OMC, charges $12.97 per litre of gasoline, while diesel costs $13.37 per litre.
The IES predicted that the prices of all three major petroleum products – gasoline, diesel, and liquefied petroleum gas (LPG) – would fall.
“The last two weeks have seen price indicators on both the domestic and international fronts fall, and this can translate into some price reductions at the pumps for various petroleum products,” according to the IES.
Domestic fuel prices are expected to fall between $12.60 for gasoline, $13.40 for diesel, and $14 per kilogram for LPG.
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Over the last two weeks, the international crude oil benchmark Brent fell to around $83.87 per barrel from around $84.14 per barrel.
This represented a marginal decrease in the window’s average prices.
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 consumers.
Petrol and diesel prices have dropped significantly, providing some relief to domestic consumers.
The national average price for petrol and diesel was 13.53 and 13.69, respectively, according to the IES monitoring of various Oil Marketing Companies (OMCs) for the pricing window under review.
However, the national average price of LPG was $15.44 per kilogramme.