GOVT MUST PROTECT CONSUMERS FROM RISING OIL PRICES

CRUDE oil prices have become volatile again after a period of relative stability, sending jitters across economies of oil-importing countries. It began with big oil producers Saudi Arabia and Russia combining in July to cut a total production of 1.3 million barrels per day.

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This pushed up crude oil prices that had been hovering around $75-85 a barrel since last October. Earlier this month, the two extended the production cuts to the end of December 2023, pushing up the benchmark Brent crude to around $94 a barrel for the week ending September 15. There has been talk of crude hitting $100 again, but by Tuesday, despite the cut in production, prices began to slip amid concerns that fuel demand will be curbed by major central banks holding interest rates higher for longer.