Beginning September 2022, fuel prices are set to see a sharp jump between 5% and 10% at the various pumps.
According to the Institute for Energy Security, this will add close to 70 pesewas to the current prices.
Presently a litre of petrol is going for about ¢11 on average and ¢13.70 on average for diesel.
It is therefore advising consumers to plan accordingly to the expected price hikes in the coming days.
“Whereas the price of petrol has fallen by 5.87% and that of Liquefied Petroleum Gas (LPG) by 3.28% on the world market, the Institute of Energy Security (IES) projects that prices of these products would rise at the pumps. For diesel, the 6.48% increase in price will further increase the rate of price jump in September (2022)”, it pointed out.
Prices went up by 20 pesewas on August 16, 2022
During the last pricing window ending August 31, 2022, prices of fuelrose marginally.
Oil Marketing Companies (OMCs) monitored within the pricing window by IES added on average 20 pesewas on their prices at their pumps.
During the period, the International Benchmark saw a 1.68% price reduction over the previous pricing window’s average price to a current average price of $96.72 per barrel from $98.38 per barrel in the previous pricing window.
Presently, the price of Brent crude is hovering around $109 per barrel