IES predicts a reduction in fuel prices ranging from 3% to 10% starting March 16.

The Institute for Energy Security (IES) has projected a reduction in fuel prices between 3% and 10% at the pumps, starting from March 16, 2023, due to a decline in price indicators over the last two weeks. All three key petroleum products, including petrol, diesel, and Liquefied Petroleum Gas (LPG), are expected to experience price drops. The IES noted that the international and domestic price indicators have been falling, which could result in various price reductions at the pumps. The domestic fuel market prices are predicted to decrease by ¢12.60 for petrol, ¢13.40 for diesel, and ¢14 per Kilogramme for LPG. In the international market, the Brent crude oil benchmark has declined from $84.14 to $83.87 per barrel over the past two weeks, leading to a marginal drop in the average prices in the period under review. The first pricing-window for March 2023 provided some relief for domestic consumers as the prices of petrol and diesel significantly decreased, with the national average price for petrol and diesel at ¢13.53 and ¢13.69, respectively. However, the national average price for LPG remained high at ¢15.44 per kilogramme