WB predicts 20 percent rise of fuel prices
The World Bank has predicted that the prices of fuels like oil, natural gas and coal may rise to 20 percent in the international market in the running year.
The donor agency in a report on April Commodity Market Outlook said that in last year one barrel oil was sold at an average of 53 dollars in the international market. It may stand to 65 dollars in the current year.
The World Bank said that the price has increased in the international oil market as the demand of fuel increased worldwide and for the initiatives to decrease the production of oil following decision from the petroleum exporting countries-OPEC.
Earlier in last October prediction was given saying that the prices of fuels like oil, gas and coal may rise up to 16 percent.
The World Bank report said, average price of every million British thermal unit Liquefied Natural Gas (LNG) may rise to 8.80 dollars which was 8.40 dollars last year.
The organization also said that the motive of OPEC countries was to increase the price of oil by decreasing the production. Moreover, the fear of imposing fresh sanctions over Iran and unease situation between Iran and Saudi Arabia have played role to increase the fuel prices.