Further to our previous Newsletters on this subject, GPSM will be maintaining our current rates for this week as we await news on the revised terminal gate price to be advised.
The terminals are awaiting deliveries of diesel fuel with a lot of service stations running dry, and bowser rates for diesel are still around $ 3.00 per litre despite the Government announcements.
We are seeing a surge in diesel fuel prices in some states as stocks are running low and demand is far outstripping supply, we are monitoring the market daily and will advise further either later this week or on Monday next week if there has been any adjustment to the terminal gate pricing, keeping in mind current diesel stocks were purchased prior to the Government tax relief measures being announced.
We note just in the last hour or two that a ceasefire has been agreed to by Iran/USA/Israel for a period of two weeks to allow for peace talks to be held in Pakistan commencing this Friday 10th April.
We understand the Strait of Hormuz has also been reopened with all vessels required to seek clearance from Iran before entering or leaving the Gulf.
Let us hope that oil starts flowing again and that shipping lines are able to resume operations as soon as possible albeit but under new requirements.