From Thursday, June 16, 2022, petroleum product prices are likely to experience one of the largest increases in recent memory.
This is based on information obtained from Bulk Oil Distribution Companies by Joy Business.
According to the data, the price of a litre of diesel is predicted to rise by 11.14 percent, while the price of a litre of gasoline is expected to rise by 13%.
Petrol is currently selling for around $10.10 per litre, while diesel is selling for $12.20.
Despite the fact that crude oil prices have remained relatively stable on the international market, the cost of refining products is increasing.
As a result of this predicament, Oil Marketing Companies (OMCs) are likely to raise market fuel prices.
However, as a result of what transpired during the previous pricing session, some OMCs were forced to renegotiate with BDCs in order to lower their prices.
As a result, the margin of increment will be reduced if this case occurs again.
Meanwhile, any increase in fuel prices may push commercial transportation companies to raise their fees, resulting in an increase in inflation and the cost of living.
Content created and supplied by: Dewriter (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More