Consumers of petroleum products are likely to pay more for the fuel they purchase at the various pumps in the first pricing window in June.
That’s according to Energy think tank, the Institute of Energy Security, IES.
The Institute of Energy Security explained to Citi Business News that, per its analysis, it expects the prices of fuel on the domestic market to go up, and above April 2020 levels.
IES attributes this to the 23.25% surge in price of Brent crude oil, in addition to the 41.80% and 22.68% significant rise in the prices of Gasoline and Gasoil respectively on the international market.
Citibusiness news