STC Issues Stark Warning: Prices Could Soar Further

The State Trading Corporation (STC) has warned of potential fuel price increases due to rising global oil prices and geopolitical factors.

Rajiv Servansingh, the Director General of the STC, highlighted that the next shipment of petroleum products in November will be significantly influenced by prevailing international rates.

The STC, responsible for importing three tankers every two months, is facing a dynamic pricing scenario.

With international prices currently hovering around USD 93.69 per barrel for Brent crude and USD 89.73 for a barrel of oil, the STC anticipates potential spikes in costs.

The director emphasised that significant global events, particularly the conflict in Israel and the ongoing U.S. election campaign, could further push up fuel prices.

Source: Defi Media