Market Outlook – July 16 2023 Pricing Window

Refined Products Price Review and Outlook

The international market prices of finished petroleum products in the 27th June to 11th July 2023 pricing window, which are the premiums used in pricing petroleum products from 16th to 31st July 2023, changed marginally compared to the previous selling window. Crude oil prices on the world market within the period rose slightly by about USD1.48/bbl (2.13%) to about USD75.85/bbl majorly attributed to a cut in supply by giant oil-producing countries such as Saudi Arabia and Russia. It is worth noting that the recent stability in the global crude oil and petroleum product price is largely attributed to the uncertainties surrounding the global economic outlook amidst fears of interest rate hikes by various central banks. Worries over hiking interest rates by some central banks due to the rising inflation in the US and EU reduced global demand for petroleum products in quarter two.