Moroccan Fuel Prices Set to Decline Through December, Experts Say

The bill will be a little less salty for Moroccan motorists. According to experts, the pump price should drop by 20 to 30 cents starting Thursday, November 16, reports the daily Les Inspirations Éco. "Theoretically, a drop not exceeding 30 cents should be applied to the market during this second half of the month. It is important to point out that when there is a drop in the price of a barrel, the impact is only reflected on the Moroccan market after a month, or even more, it is never instantaneous," says Mostafa Labrak, CEO of Engerysium Consulting, explaining that "since Morocco imports refined products and not crude, the delay is even longer."

It is not excluded that a new drop will occur on December 1st. According to the energy expert, this contraction in barrel prices is not constant. He will explain that it is a period of latency and that it is the gloom of the global economy that has generated this downward trend. It is indicated that "fears of a decline in demand from the United States and China have been the main cause of the fall in oil prices, which have also been supported by the repressive measures taken" by Washington "against Russian oil exports, which could disrupt supply."

In a recent report, the Organization of the Petroleum Exporting Countries (OPEC) has slightly revised upward its global growth forecasts for 2023, i.e. 2.46 million barrels per day, or 20,000 more than in the forecasts of last month and maintained its relatively high forecast for 2024.