Fuel prices to remain stagnant in second pricing window of November – IES

Fuel prices are expected to remain stagnant in second pricing window for November

Prices of petroleum products have hiked on the international market

Price Stabilisation and Recovery Levy introduced for two months

Prices of petroleum products at various pumps are expected to remain stagnant in the second pricing window of November this year, the Institute for Energy Security

Read full article(IES) has projected.

The move is due to a 1.54 percent decrease in the price of the International Benchmark- Brent crude, 2.40 percent increase in the price of Gasoline, 0.74 percent increase in Gasoil price and 0.16 percent depreciation of the local currency against the US Dollar.

A statement issued by the Institute’s Research Analyst, Fritz Moses, explained, “the Institute for Energy Security (IES) projects for the price of fuel to remain stagnant for the window despite the increase in the price of finished products. This is in due to the recent increase in prices at the pumps.”

The IES added that the price of petroleum products at the start of the first pricing-window for November 2021 saw majority of the Oil Marketing Companies (OMCs) increase their prices at the pump by 10 pesewas.

“Prices remained steady following the increase for the 8th successive day on Thursday, November 11, 2021. The fuel prices across the country were last revised on November 1 after government suspended the Price Stabilization and Recovery Levy.”

Read the statement below: