Recent Changes in Fuel Prices in Morocco
Starting September 1, diesel prices in Morocco are set to increase by 0.06 dirhams per liter, while gasoline prices will remain unchanged, as confirmed by the Federation of Fuel Stations. This adjustment comes amid fluctuating global oil prices, which saw a decline last week. On Monday, August 24, Brent crude closed at $92.17 per barrel, marking a 2.35% decrease, while West Texas Intermediate (WTI) also dropped by 2.35% to $85.01. According to Reuters, investors took profits following recent gains, disregarding new U.S. sanctions against Iran.
The price drop on August 24 followed two consecutive weeks of increases, where the indices had gained over 5% the previous week. Ongoing stalemates in peace negotiations between the U.S. and Iran, along with restrictions on oil shipments through the Strait of Hormuz, have contributed to these fluctuations. Bloomberg reported that Brent had surged approximately 13% over the preceding two weeks. On Tuesday, August 25, oil prices continued their downward trend, declining by more than 3%. Brent settled at $88.58 per barrel, down 3.9%, while WTI closed at $82.36, a decrease of 3.1%. Reuters described this level as the lowest in over a week, suggesting that the economic pressure on Iran is perceived as a lesser threat to supply than military escalation.
On the same day, Bloomberg noted that Brent fell nearly 4% below $89, while WTI remained above $82. This was influenced by renewed diplomatic efforts, which fostered optimism about avoiding an escalation of conflict involving Iran. Discussions between Iran and Oman regarding the significance of resuming navigation in the Strait of Hormuz were also highlighted. On Wednesday, August 26, the prices continued to decline following talks between Iran and Oman, with Brent settling at $87.84 per barrel, down 0.84%, and WTI at $82.23, a decrease of 0.16%. Reports indicated that both crude oils reached their lowest levels since August 10 during this trading session.
As the week progressed, on Thursday, August 27, prices rose again due to diminishing hopes of returning to previous ceasefire conditions between the U.S. and Iran. Brent stabilized at $89.70, marking a 2.1% increase, while WTI closed at $83.53, representing a 1.6% rise. This shift ended a streak of three consecutive declines. However, on Friday, price levels fell again, with Brent dropping by 0.43% and WTI by 0.16%, concluding the week with losses exceeding 5% for Brent and over 4% for WTI. Reuters attributed this decline to expectations surrounding U.S. monetary policy and the potential for an agreement to reopen the Strait of Hormuz, while shipping flows remained irregular.
By the end of the week, as of Sunday, Brent appeared set for a weekly loss of 5.3%, while WTI was down 4.3%, with trading values around $89.10 and $82.89 respectively, according to the same sources. The ongoing volatility in fuel prices underscores the complex interplay of geopolitical factors and market dynamics affecting the Moroccan economy.
As reported by hespress.com.
