Gasoline prices rise sharply

Local gasoline prices rose sharply Wednesday, with the 98-octane graded fuel up by LL900 and the 95-octane graded variety up by LL800, the Energy Ministry said. The price of 98-octane graded fuel settled at LL36,000 while the 95-octane graded fuel is being sold at LL35,300, according to the weekly price schedule. Kerosene gas is now priced at LL28,900, diesel oil at LL27,000 and fuel oil at LL26,500. All prices are per 20 liters. Prices are expected to continue their increase due to the rise in world oil prices Monday amid growing fears of supply disruptions as Middle East tensions worsen. Israel continues to hint at a possible attack on nuclear sites in Iran, a major oil producer. Israel and the U.S. accuse the Islamic Republic of working to develop a nuclear bomb. Iran has repeatedly denied the allegation. Brent crude oil settled above $116 a barrel at the highest level in more than three months Wednesday. From DailyStar