The year 2023 began with petroleum products moving in a variety of directions, predictions for the stability of fuel prices are now available. While the price of diesel and kerosene increased in January 2023, the price of gasoline varied depending on the transit port.
Thus, starting in January, Dar drivers will have to pay Sh2,819 per litre for gasoline, Sh3,295 for diesel, and Sh3,203 for kerosene. Market participants think that, despite the ongoing conflict between Russia and Ukraine and the resurgence of Covid-19 in China, the local market can remain stable over the coming few months.
As other major economies experience similar problems, it will eventually have an impact on global economic growth. Recently, the International Monetary Fund (IMF) lowered its forecast for the world economy growth in 2023 attributing it to the economic spill over from the war, pandemic, and the high-interest rates engineered by central banks aimed at bringing those prices pressures to heel.