The price of fuel at the pumps is to go up marginally due to an increase in the price of crude oil on the world market.
According to the Institute for Energy Security (IES), oil marketing companies (OMCs) may increase prices at the pump to compensate for the substantial increases in prices on the international market.
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“Taking into consideration the 2% increase in the prices of crude oil, coupled with the 0.95% and 1.01% marginal increase in the prices of gasoil and gasoline, respectively on the international market, the Institute for Energy Security (IES) foresees prices of fuel on the local market losing stability”, the think tank said in a statement.
Source: Laudbusiness.com
