The Directorate General of Energy, Hydrocarbons and Mines (DGEHM) announced on Monday that petrol car drivers will receive relief of up to $0.07 for the next two weeks.
The agency announced that the standard fuel price will fluctuate over the two-week period from September 18th to October 2nd, with gasoline prices falling and diesel prices rising.
Premium gasoline prices will drop by $0.06 in the central and western regions, and by $0.07 in the eastern regions. Thus, the base values for a gallon are $4.82, $4.83, and $4.86, respectively.
A gallon of regular will drop between $0.04 and $0.05. The directorate detailed that it will be sold at a reference price of $4.64 in the central zone, $4.65 in the west and $4.68 in the east.
The reference price for diesel, which is mainly used in the transportation sector and industry, will remain unchanged at $4.55 at gas stations in the central region, $4.56 in the west and $4.60 in the east.
As expected, fuel prices are affected by market fluctuations over the past 15 days. Management explained that this mixed trend follows the International Energy Agency’s (IEA) announcement of an increase in crude oil reserves, easing some of the strong upward pressure from production cuts in Saudi Arabia and Russia. .
The two countries agreed to cut production by 1.3 million barrels per day until December 2023 as a measure to curb price increases.
New interest rate adjustments are expected at the next meeting of the Federal Reserve (Fed, the U.S. central bank), which also creates uncertainty.