The international market prices of refined petroleum products in the 12th to 26th January 2023 international pricing window, which are premiums applicable to the selling window of 1st to 15th February 2023, increased significantly relative to the previous selling window. Thus, Petrol, Diesel, and LPG prices in the world market climbed up by 7.70%, 13.74%, and 10.03% respectively relative to the previous pricing window. The international market prices of refined products began to surge in 2023 due to the expected consequences of the G7’s price cap on Russian oil sales and the surge in demand for oil in China as authorities ease restrictions on Covid-19. Moreover, the EU’s embargo on Russian crude imports has further tightened the supply side of petroleum products globally. In addition to that, recent economic data in Europe suggest the expectation of a world recession may be changing implying a possible surge in demand for petroleum products.
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