Oil climbs back above $100: new threat to diesel in Morocco

This rise comes after a new escalation between the United States and Iran. According to Reuters, Tehran says it attacked ten ships near the Strait of Hormuz after the destruction of five Iranian oil tankers by the United States.

The market now fears further disruptions to supplies from the Gulf. Oil traffic through the Strait of Hormuz, which before the conflict accounted for around one-fifth of global oil and gas flows, remains well below its usual level.

On Bladi.net : Diesel has risen by 2.40 dirhams in a month and a half in Morocco

For Moroccan motorists, this new surge comes as diesel has already risen by 2.40 dirhams in less than seven weeks. The liter now costs around 15 dirhams at several stations, compared with approximately 12.61 dirhams at the beginning of July.

Diesel remains under particularly heavy pressure

The situation is all the more sensitive because refined products also remain very expensive. At the beginning of September, the diesel refining margin in Europe had exceeded $100 per barrel, bringing the price of refined diesel to nearly twice that of crude oil.

This situation directly exposes the Kingdom. Since the shutdown of Samir in 2015, Morocco has depended entirely on imports of refined petroleum products. A simultaneous rise in crude oil prices and refining margins could therefore have a stronger impact on Moroccan distributors’ supply costs.

On Bladi.net : Oil at 90 dollars, diesel at 191: Morocco pays dearly for no longer refining

The current movement is already spectacular. Brent has gained nearly 30% from its early-August lows and surpassed $100 on Wednesday for the first time since late July. Tensions in the Middle East and the resumption of Chinese purchases are now keeping pressure on prices.

In Morocco, no new increase at the pump has yet been announced. But after several successive increases this summer, the sustained return of oil above $100 represents a new threat to upcoming diesel price revisions.