Rabat - Motorists should expect massive fuel price fuel increases this week. Fuel prices have increased on Wednesday in gas stations just 48 hours after the Moroccan government launched a flexible exchange rate system for dirham.
Rabat – Motorists should expect massive fuel price fuel increases this week. Fuel prices have increased on Wednesday in gas stations just 48 hours after the Moroccan government launched a flexible exchange rate system for dirham.
Fuel prices have reached unprecedented levels since the liberation of pricing policies, according to Moroccan newspaper Assabah.
The price of diesel for the first time exceed the threshold of MAD 10 per liter. Its prices range between MAD 10.5 and MAD 9.60/ liter depending on gas stations. The price of gasoline has reached MAD 11.30.
Assabah said that the rise in prices came in response to the decline of the dollar, which was equivalent to MAD 9.50 on Tuesday.
Adil Ziadi, President of Morocco’s oil group, says that as the dollar falls, the price of a barrel of oil has reached USD 68, while the price of refined products reached USD 630/ ton, according to Assabah.
Import costs, taxes and expenses related to distribution are not included. Morocco pays its fuel imports with the USD. Ziadi added that fuel prices differ from one gas station to another, for an average of MAD 9.70.
The president believes that the gradual liberalization of dirham make oil companies face fluctuations in oil prices. According to Ziadi, the decline of dirham against the dollar should generate an increase in oil prices, even if prices remain stable. He emphasized that experts do not have a clear idea of the future of dirham exchange rate following the flexibility process.