Motorists are expected to get some relief at the pumps next week as the price of petrol is predicted to decrease.
Petrol is expected to decrease by 35 cents a litre, however, the price of diesel is expected to rise by between 70 and 80 cents a litre, due to short supply.
Soaring oil prices have contributed to high fuel costs triggered by the Russia-Ukraine conflict.
Economist Azar Jammine says the expected drop in the petrol price does not reverse the record high fuel increases seen over the last few months.
Jammine says, “But the diesel price on the other hand could increase by 75 cents a litre. The difference between petrol and diesel clearly has to do with the difference in the relative supply in each of those fuels which has been disrupted as a result of the sanctions imposed on Russia and the war in Ukraine.”
“Oil price has been wobbly over the last few weeks rising to sometimes close to US$120 dollars a barrel and falling to sometimes below a 100. So on average it hasn’t changed all that much,” added Jammine.
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