The diesel shortage in the market is due to the rationing by importing companies, limiting the amounts delivered amidst rising global prices. This results in the stock value increasing over time as the global price of diesel has risen by about $220 in less than a month. Since the diesel price set by the Ministry of Energy is based on the average prices of the last four weeks, it is expected that the price will increase in the upcoming period, leading to illicit profits for importing companies of about $1.75 million daily by selling stock at higher prices.
This conclusion is based on realistic calculations, according to "Al-Akhbar." Between August 5 and 29, global diesel prices gradually increased by $220. This led companies to ration the delivery of quantities in the market and not comply with the official pricing that was included in the price-setting tables issued by the Ministry of Energy, by raising the cash selling price per canister by four dollars. The price-setting table from the Ministry of Energy sets the price at $20.06 per canister, while it is delivered to generator owners at about $24.
With the local market’s daily diesel demand estimated at around 8.5 million liters, equivalent to about 440,000 canisters, the additional profits extracted from consumers' pockets reach $1.75 million per day. The prevailing pricing chaos and the lack of oversight by relevant authorities, especially the Ministry of Economy, have allowed companies and traders to control the quantities of diesel distributed in the market, which do not meet actual needs. This has created confusion since last week due to the shortage of the material or the risk of it running out, with the first consequences being an increase in the hours of rationing for private electrical generators.
