According to the Institute for Energy Security’s projection, the price of diesel will increase moderately starting in October 2021.
However, the price of gasoline is projected to remain unchanged, while the price of some petroleum products, such as Liquefied Petroleum Gas, is expected to rise.
“For the first Pricing-Window of October 2021, the 4.57 percent increase in the price of the International Benchmark- Brent crude, the 2.07% increase in the price of Gasoline, the 10.28 percent increase in the price of Gasoil, and the 0.63 percent depreciation of the local currency against the US dollar; the Institute for Energy Security (IES) projects that the price of gasoil will increase and the price of gasoil will increase; the Institute for Energy Security (IES) projects that the price
Meanwhile, several Oil Marketing Companies (OMCs) have begun increasing fuel prices at the pump.
Shell, one of the market leaders, has taken the lead, selling a liter of gasoline and fuel for $6.52.
According to sources, the increase was impacted by increased international costs for finished petroleum products.
Shell opted to examine its rates this time since it did not alter prices during the previous pricing window, despite the fact that its competitor, Total, did.
In the next days, the other big OMCs may follow suit by adjusting their prices.
According to the IES, prices of petroleum products increased little on the local market during the second pricing window, which ended in September 2021.
“The local Oil Marketing Companies (OMCs) increased the price of petroleum products by 1% to 2% at various pump locations. The increase was prompted by rising prices on the international market and the local currency’s devaluation versus the US dollar.”
It stated that the current national average price of fuel per litre at the pump is $6.18 for both gasoline and diesel.
Meanwhile, for the window under consideration, the IES Market-Scan chose Benab Oil, Top Oil, Zen Petroleum, Cash Oil, and Goodness Oil as the OMCs with the lowest-priced fuel on the local market.