Fuel prices: Why some relief should be just around the corner for drivers

fuel prices relief corner drivers
Gulf
  • Date: 07/20/2021
  • Source: SkyNews
  • Sector: Economy
  • Country: Gulf

Fuel prices: Why some relief should be just around the corner for drivers

Anyone filling their car or van will not have failed recently to have noted the rising price of petrol and diesel.The cost at the pumps this weekend hit its highest level since 2013, reflecting, in turn, a surge in the price of crude oil. A barrel of Brent Crude, having sunk to a low of $15.98 on 22 April last year - when the price of some crude contracts went negative - rallied to as high as $77.84 earlier this month, a level last seen in October 2018. But relief for motorists and other heavy consumers of fuel is now on the horizon, from the unlikely source of Opec, the cartel of oil-producing nations.Opec is generally regarded by oil consumers as a body that prefers to push up prices, an image that dates back to the early 1970s, when the cartel and its leading figures such as Sheikh Ahmed Zaki