Prices of some petroleum products are expected to increase, according to the Chamber of Petroleum Consumers (COPEC).
Prices of petrol and diesel will rise marginally, but Liquefied Petroleum Gas (LPG) will decrease.
COPEC explained that based on the recent average price of crude oil of $104.56 per barrel, resulting in $1,057.44 per metric tonne for petrol and $1,138.33 per metric tonne for diesel on the International market, coupled with the exchange rate of $1:¢7.8165 and the government’s tax rebate of 15 pesewas per liter still in place, it is expecting the ex-pump prices of fuel for the next pricing Window, from 1st – 15th May 2022 to go up.
It projects petrol to sell at ¢9.538 per liter, whilst diesel will sell at ¢10.829 per liter during the next pricing window.
That said, Liquefied Petroleum Gas (LPG) will decrease and be sold at about ȼ10.093 per kilogramme.
“Considering no sudden jerks in crude oil pricing, which could lead to changes in petrol and diesel prices on the international market, then the ex-pump prices are expected to be within the projected figures as above for the next window”, it further said.
The anticipated increase in fuel prices, was primarily due to the fallen dollar exchange rate and increase in prices of finished products (petrol and diesel) on the international market.