Fuel prices to climb: ICCC


RETAIL fuel prices are expected to increase over the next few months, according to the Independent Consumer Competition Commission (ICCC).
Commissioner and chief executive officer Paulus Ain attributed the increase to the increase in global crude oil prices.
“There is no guarantee (that) fuel prices will decline in the subsequent months,” Ain said.
“International prices of crude oil and refined petroleum products are extremely volatile to geopolitical sentiments.”
It is expected that fuel prices may continue to increase in the coming months due to factors “beyond our control”.
The factors affecting fuel prices include:

  • ONGOING conflict between Russia and Ukraine which is affecting supply;
  •  THE European Union embargo on Russia’s crude production;
  •  ALTERING trade routes and increasing tanker rates as risk premiums are increasing in response to the Russia and Ukraine conflict thereby decreasing supply;
  •  CHINA easing lockouts, increasing demand expectations.
    Ain said while the Government had provided some relief on taxes on fuel prices at the retail end, fuel prices were expected to change based on circumstances “beyond our control”.