Petrol Pump prices going up - Printable Version

+- SG Talk (https://sgtalk.net)
+-- Forum: SG Talk (https://sgtalk.net/Forum-SG-Talk)
+--- Forum: Market Talk (https://sgtalk.net/Forum-Market-Talk)
+--- Thread: Petrol Pump prices going up (/Thread-Petrol-Pump-prices-going-up)

---

Petrol Pump prices going up - Stoki - 12-02-2022

RAC urges petrol pumps not to hike fuel prices

The RAC is urging retailers not to hike fuel prices as the cost of oil rises to nearly $100 a barrel, its highest level since 2014.

The cost of one barrel has gone up by more than 60% in the last 12 months alone, costing around $60 in February 2021.

As global oil production continues to fall behind demand, which is increasing as the pandemic begins to wane, a single barrel has risen to $98 in the last week.

Moreover, recent tensions between Ukraine and Russia — the world’s third biggest oil producer — have caused prices to climb further.

Despite this, the RAC do not see a justification for hiking fuel prices during a difficult period for many consumers.

---