Following a significant drop in international oil price in June 2012 that resulted in the recently witnessed drop in local fuel prices international oil prices are back to a steady rise.
As at the beginning of July 2012 international oil prices have been on a steady rise. As posted in Bloomberg.com, a barrel of Murban crude oil retailed at USD 103.56 at the beginning of August 2012. By the end of August a barrel retailed at USD 113.49, replecting a 9.59 percent rise.
As of 04:11 Eastern Time today, 6 September 2012, the spot price of Persian Gulf Murban crude oil was posted at 114.000 reflecting a price increase of USD 0.38000 from the previous day.
During the recent fuel price review by the Energy Regulatory Commission (ERC), the regulator warned that an upward trend in the price of crude and refines products had been observed in the international market over the last month and may diversely affect prices in subsequent price reviews.
In as much as it may be too early to speculate, the noted price rise indicated above could diversely affect the forth coming fuel price review.