Petroleum prices are expected to skyrocket beginning Thursday, June 16, 2022, in one of the biggest jumps 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 expected to rise by 11.14 percent, while petrol will rise by 13 percent.
Petrol is currently selling for around $10.10 per litre, while diesel is selling for $12.20.
Even though crude oil prices have been relatively stable on the international market, the cost of refining the products is increasing.
As a result of this situation, Oil Marketing Companies (OMCs) are likely to raise market fuel prices.
However, as a result of what happened during the previous pricing window, some OMCs had to renegotiate their prices with the BDCs.
This situation may reoccur, and thus the margin of increment will be reduced.
Meanwhile, any increase in fuel prices may force commercial transportation operators to raise their fares, increasing the rate of inflation and the cost of living.
