THE Department of Energy has published the official fuel price adjustments for October, showing a minimal petrol prices decrease for motorists at the pumps.
Mid-month fuel price data showed a possible decrease in fuel prices; however, the key factors in determining costs reversed their beneficial positions over the last two weeks.
Oil prices moved higher over the course of September, and jumped again on Monday following OPEC+’s decision to maintain a gradual supply hike, Bloomberg reported.
OPEC+ ministers ratified the 400,000 barrel-a-day supply hike scheduled for November, according to a statement from the group. The decision comes as the world’s biggest oil company, Saudi Aramco, said the global natural-gas shortage has boosted demand for crude by 500,000 barrels a day.
Vitol Group said that OPEC+ production policy will be the main factor influencing oil prices over the coming months.
Brent Crude has climbed above $81 per barrel, while Goldman Sachs
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