Fuel Prices: The Billions that in MID, RDA and STC pocket

Written parliamentary response filed by the Ministry of Industry, Trade and Consumer Protection clarifies this point.

In response to a written question from MMM MP Reza Uteem, the ministry said that since June 2008, the Maurice Ile Durable Fund received Rs 1.08 billion. Initially, 15 cents per liter were obtained. In November 2010, the government decided to raise the threshold to 30 under.

A large portion of this amount is not used by the fund MID lack of projects. Everything is returned to the Consolidated Fund of the Government and is not used as originally intended.

The Road Development Authority (RDA), for his part, touched Rs 5.01 billion in 12 years through fuel prices. It to finance the maintenance and construction of roads across the country.

From January 2008 to September 2012, the motorist has paid Rs 4.19 billion to fund the 'hedging' in which STC was engulfed. Fearing a dramatic increase in the price of oil, it had agreed to buy the oil at a guaranteed price for a long time. The calculation of the STC was bad. Instead of rising, oil prices fell. Result: Rs 4.7 billion losses it had to be financed through loans that the motorist pays.

This up to Rs 1.5 per liter of fuel purchased since January 2008. In November of the same year, the government decided to raise the amount to Rs 3 to Rs 1.25 back to per liter of petrol and Rs 1 per liter of diesel.

In addition to this, since September 2000, the STC collects 5 cents per liter of fuel purchased to subsidize fuel Rodrigues. Rs 237.3 million has been collected in 12 years.