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Monday, April 15, 2024

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With World Oil Prices Going Down There Will Be Calls For A Drop In The Prices Of Gasoline And Diesel

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The Petroleum Pricing Committee is due to meet in February, four months after its last meeting. However, many in Mauritius are hoping for a drop in prices of gasoline and diesel especially due to the fall in the prices of oil on the international market. For instance, the price of Brent crude oil which stood at $92.86 on October 19, 2023 fell back to $86.72 on November 2, before settling at $80.77 on December 26. On January 4, Brent oil stood at $78.96 and a barrel at $73.50. Many believes that the fact that the United States have increased their production and put a lot of oil on the world market and that it will be election year in the US, the international price of oil will fall. There are calls coming from different quarters calling for a drop in the prices of gas oil and diesel at the pump in Mauritius. However, up to now, the State Trading Corporation has always taken refuge behind the Price Stabilization Account to explain that a decrease in the prices of petrol and diesel cannot be envisaged. However, the deficit of the Price Stabilization Account has reduced slightly. But a drop in prices will depend on international factors, such as the economic situation in China and the war in the Middle East. It should be noted that petrol is sold at Rs 69 the litre and diesel at Rs 63.95 the litre. Finally, we should not forget that in Mauritius also, 2024 will be election year. This will definitely have an impact on the prices in Mauritius.

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