Gov't still weighing whether to align local fuel prices to global oil market

 

 

Energy Minister Daryl Vaz says the government is continuing to examine the possibility of aligning local fuel prices more closely with movements in the global oil market.

 

In April, the minister had announced that a tiered pricing system would be introduced, to allow Petrojam to adjust petroleum prices more quickly in line with global market fluctuations, improving its response to volatility.

 

Minister Vaz says he will soon have an answer as to what the possible revised framework will look like. 

 

"We have discussions with Cabinet and we will have a final decision on that after a meeting this week.... I had announced a tiered system some weeks ago, that we have put on hold based on obviously the impact on inflation, etc. So we are doing another tweak.... Thankfully, last week was a good week. We didn't have any increases but we don't know what tomorrow, Wednesday, will bring. But the country will be kept fully informed on that," he promised.