The recent rise in oil prices has been attributed to the increase in vaccination rates and restrictions due to the recent pandemic which dampened the production of petroleum products.
Why prices of petroleum products increased
It should be noted that the basic laws of demand and supply indicate that prices are bound to rise when there is a shortfall in supply while demand remains constant or is on the increase.
In 2020, the average price per barrel of oil was $41.96. In 2021 it averaged $71.00.
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