Fuel Prices Surge in Morocco as Global Oil Market Recovers

With the pandemic, oil companies in oversupply found themselves with a large stock of fuel, forcing them to sell at a loss. But for some time now, taking advantage of the easing of the pandemic, the discovery of anti-Covid vaccines and the gradual resumption of economic activity, they have accelerated their production, thereby increasing prices. This is the case, for example, of the United States, whose crude oil reserves have increased by 1.3 million barrels, according to the US Energy Information Agency (EIA).

The consequence of this rise in oil prices is immediate, with the costs of several products having increased, particularly those of agricultural commodities or vegetable oils (soy, sunflower...). This is the case of Lesieur-Cristal, which has increased the prices of its cooking oil, citing the rise in raw material prices, which has led to a boycott of its product on social networks.

Thus, as of this Monday, March 1st, according to professionals, the price of diesel should rise by about 33 cents, while gasoline should see its price per liter climb by 34 cents.