Hassan on Reducing the Price of Fuel
The Minister of Finance, Raya El Hassan, said that her proposal to reduce the price of fuel by LL5, 000, per 20 liters, which she announced yesterday, was costly to the treasury but vital to the public interest. Every LL1,000 reduction in the price of fuel costs the treasury LL100 billion, said the outgoing minister. The astronomical rise in the prices of crude oil will have serious consequences on the living conditions in the country, which made it necessary to take unconventional measures, she said. Her proposal is subject to the approval of the president and the outgoing prime minister. “We are aware that the treasury will lose in the short run, but there is a sense of urgency to take measures while we monitor the developments in world oil prices,” she said.
Date Posted: Feb 03, 2011