World oil prices are down, but local fuel prices went up again on Sunday night. There was no announcement to warn consumers, but on Sunday at midnight, prices went up quite sharply. The hardest hit is diesel; that went up a debilitating 72 cents to $11.74 a gallon.
Premium went up by 34 cents; that now sells for $11.50 per gallon. Regular went up by 28 cents; that now sells for $11.40 a gallon. All those are the controlled price in the city; it is higher in the districts where transportation costs factor in.
So how is it that local prices are surging up when global crude oil prices are at their lowest in two months, closing today at $121 a barrel? Well the price you pay at the pump is a reflection of the cost of acquisition when the shipment was purchased, which was weeks ago – when prices were at a record high. So, you can expect that the next shipment of fuel should reflect the lower world price for oil.
