Oil is currently being sold at 248 ALL per liter in local markets. This is the highest price ever determined by the governnment board since March 12, when the Transparency Board was first instated with the aim of balancing out prices in face of the global crisis.
Gasoline has also gone up to 244 ALL per liter, whereas gas has pretty much remained the same at 90 ALL/liter.
These prices were set because during the last week of May, the price for a barrel of oil was 8% higher, reaching $122 US dollars on May 31.
However, for 2 days in a row, the stock market has registered a decline in prices, after an announcement that Saudi Arabia was preparing to increase production.
So far, this country is the global leader in oil supply but since the Ukraine War, it hasn’t made any efforts in trying to keep prices stable.
The price of oil in the global stock market this Thursday reached $113 US dollars per barrel and this level is expected to have a positive impact on our local fuel prices as well.
However, in order for this to happen, the Transparency Board needs to call a meeting during which they can decide on the new fixed prices of oil in the days to come.
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