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Fuel prices to go down

In an announcement made yesterday, Wednesday, 26 August 2015, the Minister of Industry and Commerce Jose Del Castillo Savinon promised a significant reduction in fuel prices this weekend. The Hydrocarbons Law orders local prices to fluctuate according to the WTI crude oil price. The WTI crude oil price was at a low US$38.60 on Wednesday.

The measure of the fluctuations, nevertheless, has been at the discretion of the government that often fails to comply with the law.

The minister appeared to be responding to the PRM’s recent criticisms the Ministry of Industry and Commerce for overpricing fuels in the application of the formula through which the weekly prices are set.

Speaking on Antena Latina, Del Castillo Savinon said that everyone is entitled to their opinion, especially under circumstances where fuel prices tend to be used to influence public opinion. He said that the regulations for the application of the Hydrocarbon Law allowed the Ministry of Industry and Commerce to not pass on entire upward or downward changes in the price of oil on the international markets to local consumers. He explained that in the case of high consumption fuels like diesel and gasoline, on occasions in which the price increases have been significant, the government has passed on partial increases and subsidized the difference.

Source: DR1

August 27, 2015

Category: DR News |

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Last updated December 4, 2016 at 11:02 PM
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