(MENAFN) The Moroccan government implemented a new fuel price indexation system sending fuel prices up in the country, Saudi Gazette reported.
The new system comes as an attempt to reform the oil sector in Morocco and reduce budget deficit as the country imports most of its oil needs.
Under the new system, prices of fuel will be monitored and if the value changes by more than 2.5 percent over a two month period, fuel prices in the country will be adjusted accordingly.
The new pricing system sent petrol and diesel prices in the North African country up by 5 percent and 8 percent respectively.
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