China
18:04, 11-Jan-2017
Fuel price hikes: What’s going on?
Updated
10:33, 28-Jun-2018
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On January 1, Mexico hiked its fuel prices by 20 percent, triggering protests and looting across the country. Mexican President Enrique Pena Nieto said the move was intended to end the state monopoly on oil.
But it’s not just Mexico that is seeing a surge in fuel prices – there has been a price uptick globally.
Oil prices surged in late November when the bloc of 14 oil producing nations, OPEC, agreed to cut production from 33.8 million barrels a day to 32.5 million barrels a day.
And with countries like Saudi Arabia, also the highest oil-producer in the world, cutting crude supplies slightly, does it mean that there will be more price hikes in the future and also protests globally as consumers bear the brunt of rising prices?