To get some idea of the inflationary trend in oil prices, just take a look at the change in the price of WTI crude over the past two years. On April 20, 2020, at the height of the pandemic’s first wave, it recorded a low of US$17.31. Almost two years later, on March 21, 2022, it had soared above US$110, a six-fold increase. Brent crude has followed the same pattern, hovering around US$22 at the bottom in April 2020 and nearing US$114 on March 21, 2022. Note that the price of oil started its most recent surge in November 2021, when WTI was just above US$66 and Brent was close to US$70.