Business News of 2013-12-15

Gov't absorbs petroleum price increases

Government has decided to absorb increases in prices of petroleum products scheduled to take off Monday, December 16, 2013.

The measure is to cushion consumers of petroleum products this yuletide.

Prices of the various products were scheduled to go up in accordance with government’s decision to deregulate the sector and allow consumers to pay market prices for the products.

Sources close to government, however, tell JOYBUSINESS that there would be no fuel price adjustments.

It is not clear what might have influenced this decision, as prices of crude oil have witnessed some increases over the past two weeks on the world market.

Government announced earlier this year that it is removing subsidies on petrol and diesel, but would continue subsidizing PREMIX fuel.