Fuel: No Decline Despite STC Profits of Rs 1.8 Billion, Said Sayed-Hossen
30 May 2012 - lexpress.mu
The opposition MP Chong Li Kwong Wing Kee asked if the Ministry of Commerce had ordered a reduction in fuel prices, because of the profits made by the State Trading Corporation. These profits totaled more than Rs 1.8 billion. Trade Minister replied in the negative.
Fuel prices can not be lowered, despite the profit of Rs 1.8 billion made by the State Trading Corporation (STC) on petroleum products for 2011. This was answered by the Minister of Commerce, Cader Sayed Hossen, during a parliamentary question addressed by the opposition MP, Lee Chong Kee Kwong Wing this Tuesday, May 29
Cader Sayed Hossen-has indicated that it is the Petroleum Pricing Committee that decides on fuel prices. Adding that the committee ensured that the fuel price remains unchanged, despite the instability of the international market.Trade Minister welcomed this constancy displayed on the price of petroleum products.
Trade Minister also said that profits at the level of Rs 1.8 billion made by the STC allow STC to subsidize products such as rice, flour and household gas. The grants are funded by the STC, in turn, estimated at Rs 1.5 billion.