MOTORISTS BEGIN PAYING HIGHER PETROL PRICES AS OF TUESDAY, MARCH 15

MOTORISTS BEGIN PAYING HIGHER PETROL PRICES AS OF TUESDAY, MARCH 15 

Motorists will begin paying more for petrol starting Tuesday, March 15, 2022. A gallon of gasolene will move from $12.50 to $15.70, an increase of $3.20 per gallon. Meanwhile, the price for a gallon of diesel will rise from $12.20 to $15.50, an increase of $3.30 cents.

The changes take effect at 12am on Tuesday and follow an announcement from the government that it could no longer absorb the sharp rise in the price of petroleum products in the wake of Russia’s invasion of Ukraine. The Government had been maintaining a price stabilisation mechanism to cushion the impact on motorists, but said as global crude oil prices rose, it was being forced to subsidize the retail price for fuel.

The global market has been significantly disrupted as a result of the war in Eastern Europe amidst sanctions on Russia, one of the world’s largest energy exporters.

The United States has banned oil imports from Russia and the jitters in the market have sent crude oil prices higher.