Prices of petrol and diesel are set to experience a slight decrease this week, influenced by a decline in the prices of finished petroleum products on the world market, according to revelations from the Institute for Energy Securities. However, the news isn't as positive for Liquefied Petroleum Gas (LPG), as its price may rise due to an increase in the product price coupled with a depreciated local currency.
"In the wake of the price falls recorded for liquid fuels, including gasoline (2.84%) and gasoil (4.84%) on the international market, it is expected that the prices of these commodities will fall on the domestic fuel market," the institute stated. It anticipates a marginal decrease of 2%-4% in the prices of liquid fuels, while LPG is projected to experience an increase of approximately 5%.
Monitoring the world fuel market, the Global Standard & Poor (S&P) Platts reported closing prices for refined petroleum products as of December 11, 2023. Gasoline (petrol), gasoil (diesel), and LPG stood at $767.20, $810.70, and $573.20 per metric tonne, respectively. A comparative analysis revealed a 2.80% and 4.84% decrease in the prices of petrol and diesel, while LPG experienced a 9.71% increase, trading at $573.30 per metric tonne.
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Examining the local fuel market performance in the first pricing-window of December 2023, all Oil Marketing Companies (OMCs) maintained stable prices for petroleum products. Petrol remained at ¢12.21, diesel at ¢13.10, and LPG at ¢13 per kilogramme, with no changes from the previous closing prices in the second pricing-window of November 2023.
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