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Gasoline and diesel to drop 10 pesos on Saturday
posted on: Aug 11 2011 10:6 by The Reporter. Viewed 732 times.
The government yesterday announced the biggest cut in fuel prices over the past year and a half, a drop of RD$ 10.
87 per gallon for regular diesel and RD$ 10.39 for gasoline.
The announcement was made Minister of Industry and Commerce, Manuel García Arévalo, in the presence of President Leonel Fernandez, who met with officials from Industry and Commerce to receive reports on plans and programs developed by the ministry and its needs.
Reductions in fuel prices will take effect at 12:00 pm on Saturday, as dictated by the Hydrocarbon Law, which provides for the setting of fuel prices according to fluctuations in the cost of a barrel of oil in the international market.
Premium gasoline sells for RD$ 234.50 and will cost RD$ 224.84 from Saturday and regular at RD$ 218.40 RD will be reduced to RD$ 208.11, while liquefied petroleum gas (LPG) will go down from RD$ 107.56 to RD$ 103.72, down RD$ 3.84. At the meeting, President Fernandez said the government is acting with transparency in the regulation of fuel prices and the discounts are not applied immediately new prices of oil in international markets are announced, because the government has accumulated a debt to Refidomsa and other suppliers for about RD $ 2 billion.
"Given the situation of turbulence in international markets there are times when international prices have risen so abruptly and increases have not been fully implemented locally in the country, because it would have a very negative social effect," said the president .
He reiterated that the Government hs subsidized the price and therefore accumulated a debt to the Refidomsa and private providers of RD$ 2 billion. "We did this so as not to affect most severely the economy of the population," he said.
He said the government is transparent in their actions and in the case of weekly fuel prices the law is strictly applied.
Meanwhile, leader of the opposing Partido Revolucionario Dominicano (PRD) party, Hipolito Mejia says the Government should reduce fule prices much more, by around RD$50 per gallon, as international fuel prices have dropped around 20 percent in the past two weeks.
Moreover, Fernandez said the overall project is to advance natural gas and that its expected for the month of December an increased number of vehicles that use that natural gas, as several entrepreneurs with their licenses, should in a short time have their facilities ready. "In a short-term natural gas will start to be massively used in industries and public tranport vehicles and cargo," said Fernandez.
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