Market Outlook – July 1 2023 Pricing Window

Refined Products Price Review and Outlook

The international market prices of finished petroleum products in the 12th to 26th June 2023 pricing window, which are the premiums used in pricing petroleum products from 1st to 15th July 2023, changed marginally compared to the previous selling window. Crude oil prices at the world market declined by about 1.6% to about USD74.27/bbl. The average price of Petrol and LPG on the world market declined by 0.78% and 13.80% respectively while diesel rose by 4.53%. On average, global petroleum product prices continue to tumble due to the gloomy global economic outlook amidst the fears of interest rate hikes by various central banks. The consequences of the rising inflation in the US and EU have led to the US Federal Reserve and other central banks increasing interest rates to unprecedented levels to mitigate its adverse impact on the various economies.