Rabat – Fuel prices in Morocco maintain an upward trajectory, with a new hike in prices expected to enter into effect starting Wednesday.
According to a report from Moroccan news outlet Le360, gasoline prices are set to rise by MAD 0.76 ($0.077), while petrol prices are set to rise by MAD 0.52 ($0.053), marking the fourth increase in fuel prices this month.
Following the new hike, the average price of fuel at pumps is expected to reach MAD 13.20 ($1.33) per liter for gasoline and over MAD 15 ($1.52) for petrol, the report explains.
The news comes hours after crude oil prices dipped on the international market, triggered by China’s stagnating economic recovery and a consolidating US dollar.
According to energy-focused website Oilprice.com reported today, Brent crude was trading just below $86 per barrel on Monday, while West Texas Intermediate (WTI) was trading at over $82 per barrel.
The drop in oil prices comes against the backdrop of a challenging global economic outlook.
Today, oil prices continued to slide as Brent crude futures dipped 54 cents to $85.67 a barrel, while U.S. West Texas Intermediate crude fell 74 cents to $81.77, according to a report from Reuters.
Source: Morocco World News
