Economy February 25, 2021 | 9:27 am

Recent rise in oil prices worry retailers

Santo Domingo. – The members of the Fuel and Derivatives Companies Society (SEC) expressed concern about the recent rises in international oil prices, due to their great impact on the costs of fuels distributed in the Dominican Republic.

In a statement the SEC said increases registered in crude oil in recent weeks are due to different external situations, such as: the impact of the winter storm on the refineries in Texas, whose operations are still paralyzed; the OPEC cuts, the unilateral reduction of Saudi Arabia’s production to one million barrels a day, among others.

They add that this increase not only affects the final consumer, but also the companies that intervene in the fuel marketing chain in the countries that depend on these markets for their supplies, “both in access to working capital and financing, import volumes and sales volumes to the public.”