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Rabat – Oil prices in Morocco are experiencing a decline with the price of diesel varying from MAD 8.92 to MAD 8.97 per liter in Casablanca. Gasoline prices vary from MAD 10.36 to MAD 10.50.Â
The drop in oil prices in Morocco is linked to the setback that the international economy is experiencing due to the outbreak of the novel Coronavirus, now called COVID-19.Â
The outbreak of the virus negatively impacted the prices of oil barrels at an international level, dropping below $50, down by 4.2%. The drop is the lowest since 2017, as the coronavirus spreads to other countries outside China.
Read also:Â Predator Oil & Gas Prepares for Future Drilling Operations in Morocco
The Brent Crude, the international oil benchmark, showed that the price of one barrel of oil stands at $49.67 as of Saturday, dropping from $50.75 on Friday.
As of the end of January, the price of Brent oil stood at $57.77.
The drop in oil prices is projected to continue if government lock-downs on cities and towns do not end, causing a significant decrease in oil demand.
In China, the demand for oil has notably decreased to 25% as a consequence of government quarantined cities and imposed travel restrictions.
