Fuel prices reached record highs on Wednesday, with price increases ranging between MAD 0.5 and MAD 1.
Gasoline price rose by about MAD 1, reaching MAD 18, while the cost of diesel has climbed to about MAD 15.50.
Additionally, Finance Minister Nadia Fettah Alaoui said in her response during the session of oral questions in the House of Representatives, Monday, that “Morocco’s budget does not allow subsidizing hydrocarbons.”
The Moroccan government has already provided aid to transportation professionals, in a move to help support the fuel charges.
This new spike in fuel prices is caused by the greater demand in the international markets.
This skyrocketing increase in fuel prices comes as a result of the global crisis, following the Russian offensive on Ukraine that began on February 24, and is still ongoing for over 100 days.
Recently, US President Joe Biden went to Saudi Arabia to discuss with the state’s leaders, among other things, oil production, and soaring fuel prices on the international market.
OPEC members backed down and agreed on increasing oil production in order to overcome this global crisis, according to international media outlets.
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