From today, March 16, 2023, a few Oil Marketing Companies (OMCs) have begun lowering the cost of gasoline at the pump.
Leading OMC GOIL offers a litre of gasoline for $12.95 and a litre of diesel for $13.49.
At the pump, TotalEnergies is now selling a litre of gasoline for only $12.95 and a litre of diesel for only $13.49.
Additionally, Shell is offering a litre of gasoline for $12.95 and a litre of diesel for $13.49.
A litre of gasoline costs 12.97 rupees at Petrosol, another OMC, while a litre of diesel costs 13.37 rupees.
Based on the changes, the price of diesel has decreased by 2.29% per litre and the price of gasoline has decreased by about 6.56%. The decrease corresponds to the two-week review of petroleum product prices.
Some industry participants have attributed the decrease to the cedi’s stability and a decline in the commodity’s price on the global market.
IES predicts reduction
On March 14, 2023, the Institute for Energy Security (IES) predicted that gas prices would decrease by 3% to 10%.
The prices of all three major petroleum products—gasoline, diesel, and liquefied petroleum gas (LPG)—were expected to decline, according to IES.
The IES said, “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”.
Prices on the domestic fuel market are anticipated to drop to between $12.60 and $13.40 for gasoline, $13.40 for diesel, and $14 per kilogram for LPG.
World oil market
Over the past two weeks, the price of the international benchmark for crude oil, Brent, has dropped from about $84.14 per barrel to about $83.87. This resulted in a slight decrease in the window under review’s average prices.
At the beginning of Tuesday, March 14, 2023, the commodity, which had been trading at about $86 per barrel in the middle of the window, had fallen to just $79 per barrel.
Fuel market performance
The domestic petroleum market’s consumers received some relief with the first pricing window for March 2023.
Significant drops in the cost of gasoline and diesel relieve domestic consumers’ financial burdens.
