Answering reporter's questions at a press briefing following the Council of Government, Mr. Baitas explained that "international rates and loading charges account for 61% of the price make-up, while taxes and duties account for 31%."

The price of fuel "has experienced a one dirham drop after the variants of the second half of July were calculated," he said, calling on companies to "immediately apply this reduction."

According to the Government Spokesman, the limited impact of the decline in prices of this vital commodity at the international level is due to the continuing upward trend of the dollar, a decline in investment in petroleum product refining, and the effects of the Russian-Ukrainian conflict on the international demand.

The price of a barrel of oil fell below 99 dollars between July 12 and 14. On July 19, it rose to about 107 dollars. During the second half of July, the global price of diesel fell by 12.47%, going down from 1,411 dollars to about 1,235 dollars, while gasoline recorded an 8.42% decline, reaching 1,322 dollars, he explained.