Fuel prices might drop after Friday: Ministry

8 August 2018 01:06 am - 6     - {{hitsCtrl.values.hits}}

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The scheduled fuel price revision every two months would come to effect on Friday (10) where there might be a drop in fuel prices, the Finance Ministry said.

Fuel prices are determined every two months according to the pricing formula introduced on July 10 but it had not affected kerosene prices.

Ministry’s Information Director M. Ali Hassan said when compared with the July international crude oil prices, they had dropped this month.

He said according to World Market prices a barrel of crude oil was selling at SGD73.85 in July and SGD98.09 in May while it had dropped to SGD69.05 this month.

“Therefore, there may be a drop in the prices in the wake of Friday’s fuel pricing committee meeting,” Mr Hassan said. (Chaturanga Samarawickrama)

  Comments - 6

  • selvin Wednesday, 08 August 2018 06:20 AM

    But dollar price increased.

    Shas Wednesday, 08 August 2018 10:38 AM

    It was nearly stable this month

    sugath Wednesday, 08 August 2018 10:24 AM

    Again there will be a shortage of fuel in next few days. Why these officers have no brains.This need to be confidential information within the government till it is implemented.

    deshan Wednesday, 08 August 2018 01:05 PM

    Why Shortage of fuel due to price decrease it makes no sense

    Arnold Wednesday, 08 August 2018 11:51 AM

    This formula thing is good for developed country. For an export and tourism dependent country like ours there should be stability of prices. We this fluctuating costs we cannot do a proper costing and compete in the world markets.

    Mohamed Niyas Thursday, 09 August 2018 08:44 AM

    This is nonsense !!!! How come this happen when oil price is going up !!! Can this pundit explain?


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