WILLEMSTAD - The international prices of crude oil and fuel have continued to rise, which has an upward effect on local fuel prices.
Reports of high global demand for crude oil have resulted in an increase in the purchase price of fuel at the pump by 13 cents.
Up until now, compared to the month of July, international crude oil prices have continued to rise. In July, when compared to June, the international prices also substantially increased, reaching an average of $76.03. It is anticipated that in August, the price will further increase to an average of around $82.30.
With the mentioned increase, both gasoline and diesel prices will rise by 13 cents starting from August 29, 2023.
The increase in gasoline and diesel prices is attributed not only to the purchase price at the international level but also to the fuel supply security component, known as B3, which was reintroduced in July. Upon the request of the Minister of Economic Development, Mr. Ruisandro Cijntje, the Council of Ministers decided for Curoil and RdK to temporarily prefinance the operational expenses of B3. By June 2023, the temporary prefinancing concluded, and the B3 component was reintroduced as a part of the fuel price. The temporary prefinancing by RdK ended, and upon Minister Cijntje's request, Curoil continued its gradual elimination of prefinancing the B3 expenses until next October.
With this, the B3 component is fully reintroduced into the fuel price.
International crude oil prices remain highly volatile, and it is anticipated that prices will continue to rise.