STC: There Is No Decision Regarding the Increase in Price

A senior official of the STC stated, “As a lot of people are buying petrol in panic there has been an increase in the price on the world market. If the price of a barrel of oil continues to rise then the Petroleum Pricing Committee (PPC) will have to review the price as well. Right now it might be able to continue to supply the country at the same rate, but the situation can change anytime.”

He added, “Since the beginning of February there has been a considerable rise in the price. If this persists PPC will take action.”

The State Trading Corporation in a statement said, “We will be able to have a clearer idea of the next step by the end of the month as it is already winter in Europe and fuel consumption has increased. So that will affect the demand and fuel prices. In two weeks, a barrel of oil has increased from $109 to $117.

STC is studying the situation closely.”

According to STC, if at the international level the rate they have to pay is higher than five per cent than the selling rate here, an increase might take place. The indicators show that so it is at 4.5% for the price of gasoline now. But it continues to increase STC will recommend adjustment of prices.