Price for Regular Fuel to Decrease

Come midnight on May twenty-second, the price of regular fuel will decrease by thirty-nine cents, falling from ten dollars and eighty-seven cents to ten dollars and forty-eight cents per gallon. The pump price for kerosene will increase by two cents from seven dollars and eighty-one cents to seven dollars and eighty-three cents per gallon. Over the past few months, the price for fuel has been fluctuating and according to a government release, these price changes reflect current demand and supply conditions which are influenced by a number of factors such as world crude oil prices. Government says that world crude oil prices will raise in the future due to the geopolitical events in Venezuela and Iran. Meanwhile, in the US, the gasoline output from the oil refineries has been well below the production in 2018 due to disruptions caused by fires at facilities in Texas and California.  The release states that OPEC and its allies are planning to meet at the end of June to discuss a way forward on oil production, and its consequential price effect, given the emerging market conditions.