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PNQ: No Revisions Proposed in Fuel Prices Despite Lower Oil Prices

14 December 2011 - lexpress.mu

PNQ: No Revisions Proposed in Fuel Prices Despite Lower Oil Prices

Responding to the Private Notice Question (PNQ), the Minister of Industry and Trade held that the State Trading Corporation (STC) does not scale down the price of gasoline and diesel.

He explained that the corporation has yet to recover Rs 900 million to cover losses on hedging.

Consumers should take their troubles patiently. The STC has no plans to lower fuel prices anytime soon. This is despite the falling price of oil on the world market. The issue of hedging has also been discussed at the PNQ of Tuesday, December 13.

The Minister of Industry and Trade, has said that in order to ensure stable prices for gasoline and diesel, the STC no longer takes into account the price of oil on a daily or even on a monthly basis as was done previously. The opposition leader wanted to know why fuel prices have remained unchanged while the price of a barrel of crude had risen to $ 130 in April to USD 106 in November.

Cader Sayed Hossen, argued that the reference price had remained unchanged from April to ensure price stability.The Leader of the Opposition, who pointed out that countries like India, have recently cut prices at the pump, the minister responsible for STC said that the country had also made three increases over the same time. What has not been the case in Mauritius.

Concerning the practice of hedging done in 2008, the Minister said that the STC has yet to repay Rs 900 million for losses at this level. Rs 3.8 billion has already been paid to the banks that financed these losses totaling Rs 4.7. The minister, however, has not given details on the Rs 250 million of interest that must be addressed.

The opposition leader also wanted to know if the government would pass the savings on the import of flour in 2012 to the consumer through lower collection of Rs 1.50 on fuel prices. These savings will amount to Rs 200 million.

Minister Sayed-Hossen Cader said that subsidies on the price of rice flour ration and gas will cost Rs 1.4 billion in 2011 to about Rs 1.2 billion in 2012. The levy on fuel prices reports only Rs 650 million. Thus, the sampling rate can be lowered, according to the minister, since the STC will need the Rs 650 million. However, he promised to pass on the suggestions of the opposition leader at the STC.

Rajesh Bhagwan it is returned to the Forensic Ltd Insight report on the STC. He wanted to know what will happen to the findings of this report and the players implicated. While the Minister tried to explain a question to this effect will be addressed to the Prime Minister, the Opposition Whip has launched " What we want to know is when they are sent to prison . "

There is no reason to believe that they should be sent to prison , "replied the minister.

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