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Fuel prices likely to be fixed next month, today Tuesday 21 July 2020 05:17 PM
The source indicated that fluctuations in oil prices rise or fall do not mean the oil derivatives are directly and quickly affected by fluctuations in the prices of international oil markets, up or down, pointing out that the prices of derivatives maintain stable prices for several days of global price change.
He indicated that many citizens read fluctuations that occur on oil prices in the form of direct influence, and that once the price of a barrel of oil falls or rises, the new price must be directly reflected in the prices of oil derivatives.
He added that the oil purchase contracts are made over long periods of time, which affects the pricing for several days.
The source pointed out that the first week of this month witnessed an increase in oil prices due to the promotion of a Russian-American oil agreement, while oil prices fell globally in the second week in light of the recent increase in the prevalence of corona cases, especially the emergence of some new cases in China, which caused fears of The possibility of closures in many countries of the world, which affected the decline in oil prices globally. The source pointed out that the third week witnessed a slight rise in crude oil prices, ruling out the impact of this rise on the prices of oil derivatives during the third week, expected that the multiple fluctuations witnessed in oil prices during the current month to prove fuel pricing for the next month.
The weekly bulletin of the Ministry of Energy yesterday mentioned that the prices of Brent crude oil and its derivatives witnessed a slight decrease on the prices of most oil derivatives and a slight rise in oil prices globally in the third week of July.
The bulletin indicated that the prices of oil derivatives, except for kerosene, fell globally during the third week of July, compared to the average prices for the second week.
And gasoline indicated 90 octane, the price reached $ 380.6 per ton compared to $ 384.6 in the second week, and with a decrease of 1.1%, as the price of gasoline octane 95 decreased from $ 407.8 per ton to $ 396.2 and a decrease of 2.8%. As for the price of diesel, it decreased from $ 371,6 per ton to $ 368,1 per ton, with a decrease of 1%. As for the price of kerosene, it showed a slight increase this week, recording a price of $ 3434 per ton compared to $ 340,8, or 0.6%.
The weekly bulletin said that the price of fuel oil has decreased slightly by 0.2%, as it decreased from $ 249.3 per ton to $ 248.7 in the third week of the month.
She pointed out that the price of liquefied petroleum gas continued in July at 345 dollars per ton, compared to its price recorded in the month of June, which amounted to 335 dollars.
The price of Brent crude rose in the third week to 43.9 dollars a barrel, compared to its price in the second week, which amounted to 43.2 dollars.