Crude oil prices have dropped to USD80 a barrel which was at USD120 two months ago. Market researchers believe that the price may once more fall to as low as USD70 in the near future.
On Monday crude oil prices in New York is at USD80.15 but it had been at a low of USD79.76 on Friday. Prices of crude oil in London on Monday are at USD91.51 while it was at USD90 during last week.
Experts in the field believe that the prices of oil will continue to fall and that the OPEC might consider reducing its oil exports considering the decrease in prices.
Crude oil prices in the United Kingdom are now at a price 25 percent lower than it was in May this year.
The prices of crude oil last went down to this rate in October 2011. At the time crude oil costs USD83 per barrel.
Crude oil prices were at USD110 early last month in the US while the prices earlier this month were at USD84.34. Crude oil in the UK was at USD99.98 earlier this month.
Referring to market researchers, media reports say that the prices of crude oil have gone down as a result of a lack of demand for oil from developing nations as well as developed nations. While the weakening economies of countries are a factor affecting the oil prices, end of the civil war in Libya and the increase of oil exports from Libya and Iraq fuel the decrease of oil prices in the international market.
In Maldives, State Trading Organization (STO) had brought change to its fuel rates, it lowered 31 Laari from each petrol litre and 54 Laari from each diesel litre. A petrol litre costs MVR16.21 at present. The prices of petrol had gone up on three occasions during this year already. The last time in which the prices were increased was in April this year.