Rather than oil prices, OPEC has said that major oil-consuming nations' taxes mostly dictate fuel costs The organisation said that the cost of crude oil, the expenses associated with refining and others are what affect costs According to Al Ghais, countries that produce oil often reinvest the proceeds from oil sales back into the oil sector CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now! Legit.
ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market. Haitham Al Ghais, the Secretary General of the Organization of Petroleum Exporting Countries, has said fuel costs are mostly determined by taxes imposed by major oil-consuming countries rather than oil prices. He clarified that the price consumers pay at the pump is influenced by a number of factors, such as the cost of crude oil , the expenses associated with refining, transportation, and marketing, as well as taxes and oil company margins.
Read also No more dollar: Dangote refinery to accept another means of payment for petrol sales Al Ghais claimed that nations that produce oil frequently reinvest the money they receive from oil sales back into the oil industry. PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app! He said that exploration, production, and transportation projects received a large percentage of the revenue from OPEC member countries. The OPEC secretar.