Fuel prices to go up by 11% from June 16th

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There will be a significant increase in petroleum product prices starting Thursday, June 16, 2022.

Joy Business has obtained this information from the Bulk Oil Distribution Companies.

Diesel prices are predicted to rise by 11.14 percent, while gasoline prices will rise by 13 percent, according to the statistics.

Diesel presently costs about 12.20 per liter, compared to roughly 10.10 for petrol.

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While crude oil prices have remained relatively stable, the cost of refining the products has increased on the international market.

As a result, OMCs (Oil Marketing Companies) are likely to raise the cost of gasoline and diesel on the open market.

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The last pricing window saw several OMCs having to renegotiate their prices with the BDCs in order to lower their charges.

Because this could happen again, the room for error will be smaller in the future.

Any increase in the price of fuel may also drive commercial transportation companies to raise their fares, which would raise inflation and the cost of living.

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