The implementation of weekly price adjustments is aligned with the company’s aims of moving towards greater pricing transparency.
“We will continue adjusting product prices every week to ensure greater pricing transparency. This means we will not moderate adjustments, upward or downward to reflect current market realities”, Kanapi said.
Oil pricing is driven primarily by fundamentals of international product costs and foreign exchange. Since the oil industry is deregulated, however, the ultimate determinant of oil pricing is market competition.
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