Escalating conflict in the Middle East has pushed the global energy market into a period of serious instability, with oil prices rising steadily while supply continues to tighten. In this context, many countries are rushing to release strategic reserves in an effort to cool the surge in oil prices.

Petrol prices rose while oil prices continued to decline in the latest adjustment announced on October 16 by the Ministry of Industry and Trade and the Ministry of Finance.

The retail prices of petrol rose slightly from 3pm on September 18 following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance amidst fluctuations in international oil prices, exchange rate volatility, and existing regulatory frameworks.

Oil prices were mixed a day after the world's major oil producers announced moderate production cuts. Oil-exporting countries declared their readiness to protect oil prices, while importers tried to restrain and impose a ceiling on the price of black gold.