Petrol prices rose on the world market

11 years ago - May 04, 2011
The oil has commanded the highest price in the last two years

On Tuesday, the price of a barrel of oil reached $125.12 on the world market. This is its highest price that oil has commanded in the last two years.

Considering the fact that the price of petroleum products at the international level has been rising, questions are being raised on whether the new mechanism established by the State Trading Corporation (STC), namely the Petroleum Pricing Committee (PPC), will meet.

A senior officer stated that the PPC will not meet so soon as according to the price stabilising factor, the PPC can absorb an increase of up to 7 per cent.

“If the price exceeds this limit then the PPC will meet. If the organisation in question is not able to support the rise then we must hand over this impact to consumers. Then the PPC can meet at any time,” said the senior officer.

He said that due to the crisis in the Middle East, the situation did not improve.

Text by the Independent

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