Back and Next - Back and NextFuel price Rise
Wednesday, May 21, 2008
A dispatch from the Department of State for Finance and Econmic Affairs indicated that the government has increased the pump prices of super petrol, gas oil and kerosene with effect from Tuesday, May 20. Super petrol is increased from D30 to D33 per litre; gas oil from D28 to D32 per litre and kerosene from D21 to D26.
In the face of soaring fuel prices, such a move will enable the government to handle the variations in fuel and gasoline prices. In fact, the price of a barrel of oil stood at US$119.24 on Monday, compared with US$119.27 as on Friday.
As countries continue to be hit by the consequential effects of the current inflation of oil prices, plans are under way to contain the spiralling of prices of oil.
Consequently, the Organisation of the Petroleum Exporting Countries (OPEC), which is tasked with the responsibility to coordinate and harmonise the petroleum policies of member countries, is now facing rising challenges.
In other words, there is an urgent need to ensure the stabilisation of oil markets in order to secure a regular supply of petroleum to consumers.
In the face of soaring fuel prices, such a move will enable the government to handle the variations in fuel and gasoline prices. In fact, the price of a barrel of oil stood at US$119.24 on Monday, compared with US$119.27 as on Friday.
As countries continue to be hit by the consequential effects of the current inflation of oil prices, plans are under way to contain the spiralling of prices of oil.
Consequently, the Organisation of the Petroleum Exporting Countries (OPEC), which is tasked with the responsibility to coordinate and harmonise the petroleum policies of member countries, is now facing rising challenges.
In other words, there is an urgent need to ensure the stabilisation of oil markets in order to secure a regular supply of petroleum to consumers.
Author: by Abdoulie John
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