Ministry of Energy announces decline in prices of oil derivatives in global market
Date
10/24/2024 8:18:27 AM
(MENAFN) In a recent report, the Ministry of energy has announced a decline in the prices of oil derivatives in the global market for the third week of this month, compared to the previous week. This assessment was shared in the Ministry’s weekly bulletin, which offers valuable insights into the latest trends affecting various oil products.
The bulletin reveals that the price of 90-octane gasoline has decreased by 4%, falling from $703 to $673 per ton. Likewise, 95-octane gasoline also saw a 4% drop, with prices declining from $762 to $733 per ton. Diesel prices experienced a more significant decrease of 6%, dropping from $656 to $617 per ton, while kerosene prices fell by 5%, down from $699 to $666 per ton.
Moreover, fuel oil prices saw a reduction of 3%, decreasing from $449 to $436 per ton. In contrast, the average price of liquefied petroleum gas (LPG) increased in October, rising to $621 per ton from $598 in September—an increase of 4%. Meanwhile, Brent crude oil prices also declined, dropping from $79 to $74 per barrel, a reduction of 6%.
These changes in oil derivative prices hold significant importance for consumers and businesses, as they can influence transportation costs, heating expenses, and broader economic conditions. With the Ministry of Energy closely monitoring these fluctuations, various stakeholders will be eager to assess how these price adjustments may affect their operations and financial planning in the coming weeks.
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