Oil prices soar on the world market
4 May 2011
The price of oil hit $ 125.12 a barrel on the world market Tuesday, its highest level in two years
The game continues yoyo. The price of oil continues to increase at an international level and whether the new mechanism established by the State Trading Corporation, the Petroleum Pricing Committee (PPC), will meet to revise the price of oil is on everyone's lips.
However, according to a senior official close to the deal, the PPC will not be meeting any time soon because according to the Price Stabilising Factor, PPC can absorb up to 7% of the increase.
"If the pump price exceeds this limit then a meeting will take place. If the organism in question can sustain the rise, consumers will pay with their pockets. The PPC can occur anytime, not only in the event of rising market prices. "We are closely monitoring developments on the world market. Since last September, the price increases dramatically. We expected a drop in January, but the crisis in the Middle East has changed everything," he said.