Tuesday, 02 January 2024 12:17 GMT

Morocco Fuel Costs Surge About 13 Percent as Middle East War Continue


(MENAFN) Morocco has become the latest nation to feel the economic sting of the Middle East conflict, with fuel prices jumping roughly 13% on Wednesday as war-driven supply disruptions continue to ripple across global energy markets.

At the pump, diesel climbed from 12.79 dirhams ($1.37) to 14.50 dirhams ($1.55) per liter, while gasoline surged from 13.92 dirhams ($1.49) to 15.60 dirhams ($1.67) — marking the second consecutive price increase since hostilities against Iran erupted.

The hikes arrive against a backdrop of extreme turbulence in global oil markets, where the US-Israeli military campaign against Iran has stoked intense volatility and renewed fears of runaway inflation. Supply chains have been severely strained since February 28, when Gulf states began sustaining Iranian retaliatory strikes targeting critical infrastructure — including airports, seaports, and energy production facilities — compounding an already fragile supply outlook.

With no resolution to the conflict in sight, analysts warn that fuel-importing nations across Africa and Europe face mounting pressure on household budgets and transport costs, as the war's economic shockwaves extend well beyond the immediate theater of conflict.

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