Motorists can expect a sigh of relief as pump prices of petroleum products are expected to roll back big-time in the coming week.
The local oil industry uses MOPS, the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts. Abad said the global crude market is feeling the effect of the recent monetary policy tightening implemented by the US Federal Reserve late last month.Monetary policy or interest rates are among the tools used by central banks to stabilize inflation through controlling money supply by raising borrowing costs.
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