Oil prices seems to have settled down at the US$60-65 level, with prices currently standing at US$62 per barrel, slightly up from US$60 per barrel on Wednesday.

The oil price madness began in February this year, where from a level of about US$58, oil prices began to go up till it reached a record price of US$78.40 last month, fueled by tension in Iran and Nigeria as well as other international political issues like nuclear testing conflicts. Oil prices should remain stable between the US$60 to US$65 range, unless Organisation of Petroleum Exporting Countries (Opec) decides to review output policies and cut supplies, or some other hoo haa happens in the international scene.

So with the extra subsidy that the government has allocated for our petrol subsidies in the recently announced budget, it’s expected that the fuel prices in our country should not go up by a very large margin anytime soon.