Business

Ministry orders dealers to freeze petrol prices

The Ministry of Finance has ordered petrol retailers not to increase petrol and oil prices over the next few days.
The Ministry of Finance has ordered petrol retailers not to increase petrol andoil prices over the next few days.

In Official Letter 3500/BTC-QLG, theministry called on retailers to closely monitor movements in world petrol andoil prices, while continuing to cut transport costs. The ministry also askedretailers to ensure there was enough petrol and oil for domestic consumption.

If retailers wish to raise petrol and oil prices, the ministry said theymust first get official approval from the ministries of Finance and Industry andTrade.

Dealers must also reduce domestic retail prices if world oil andpetrol prices fall, the ministry said.

The ministry’s letter was issuedafter oil and petrol retailers intimated that they wanted to increase prices tocut losses because world oil and petrol prices had risen./.
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