(MENAFN- Morocco World News) The price of oil in Morocco has seen a 12 percent increase in less than a week, according to the findings of the website Global Petrol Prices, which noted a great recession in the kingdom's reputation as a country with low fuel prices for its citizens.
The price increases come less than three weeks after comments made by Abdelatif Jouhari, the chairman of Bank al-Maghreb, on public finance issues. Energy costs for Moroccans rose due to the liberalization of oil pricing policies, which allows the per-liter cost to vary with market trends, Jouhari said.
The latest rankings put Morocco at 101st place globally – 11 spots lower than the kingdom's previous position as the 90th cheapest place to purchase fuel when the per liter cost stood at $0.83 per liter. Now, the rate equals $1.02 a liter.
Both benzine and gasoil prices have increased over the past seven days, in accordance with the rise of fuel prices in global markets.
The Organization of Petroleum Exporting Countries (OPEC) – controlled by Saudi Arabia – is expected to agree on a production freeze deal next month, which will prices to rise further.
Arab petrostates have struggled to fund oversized budgets over the past two years due to bearish markets, but Morocco has been largely immune to the downturn due to its status as a net energy importer.
Morocco signed an agreement to pursue subsidy cuts in the energy sector earlier this year in exchange for a $6.2 billion credit line from the International Monetary Fund.
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