The 2021–2022 global energy shortage is the most recent in a series of cyclical energy shortages experienced over the last fifty years. It is more acutely affecting countries such as the United Kingdom and China, among others.
The Chamber for Petroleum Consumers (COPEC) has predicted a rise in fuel prices at the various pumps on Wednesday, March 16, 2022.
Wholesale petrol and diesel costs have fallen below where they started the week, offering drivers a glimmer of hope to motorists that pump prices will start to drop too.
On Monday, wholesale petrol prices begun to increase according to figures from roadside assistant. Though, following a dip in oil prices – which raged out of control in the wake of the Russian invasion.
The COPEC foresee the price of diesel increasing by 30.41% from ¢8.22 per litre to ¢10.721.
Similarly, ex-pump prices of petrol will increase by 18.25% from 8.22 per litre to 9.727 per litre, according to COPEC.
LPG is no exception. It is projected by COPEC to increase by 23% from 9.8 per kilogram to ¢12.04 per kg.
The New prices are expected to unfold in the second window pricing of March 2022 which take effect from tomorrow, March 16.
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