Some months ago in response to the twin crises of the then ISIS wreaking increasing havoc across northern
For example Premium 95 rose quickly to an average peak of about €1.45 where it has remained for many weeks. However, in recent weeks as threats to supply from the above crises have not materialised, so oil prices have fallen back on international markets with closing price one day during the week for benchmark Brent Crude at just above
This represents a decrease of almost 10 per cent per month which has not been reflected in any way on
Previously in such situations the oil companies always plead that they buy in advance on the spot market and therefore we must allow a time lag for current stocks to be consumed before price changes are reflected at the pumps.
Strange how this always seems to be a problem only when international prices go down and as I have said already, current prices have now been held for many weeks despite the steady and ongoing decline in the international market price. One is also left to wonder whether EAC will be reflecting the recent steep reduction in their oil costs on consumers' bills.
T J Murray, Larnaca
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