Commodities
Morocco Raises Diesel Prices as Global Oil Prices Retreat
Diesel prices in Morocco are set to increase by 0.06 dirhams ($0.006) per liter starting September 1, while gasoline prices will remain unchanged, according to the Moroccan Federation of Gas Station Owners.
The price hike comes despite a recent decline in international oil prices, with Brent crude futures falling 2.35% on August 24 to close at $92.17 a barrel and U.S. West Texas Intermediate crude declining 2.35% to $85.01, according to Reuters.
The decline in global oil prices was attributed partly to profit-taking after recent gains, while investors appeared to look past new U.S. sanctions on Iran.