The prices of fuel will be decided over by the Petroleum Pricing Committee today during a meeting held in the afternoon. The price on the international market had known certain fluctuations during the month of June. Now, the question is as to whether the local prices will be maintained or not.
The Petroleum Pricing Committee (PPC) held a meeting scheduled for today afternoon to discuss the prices of fuel. It was supposed to decide upon maintaining the price of petrol and diesel at Rs 52.25 and Rs 49.95 respectively. The committee had previously stated that one of their aims is to bring a certain stability to the prices of fuel, which have a tendency to fluctuate on the market, thereby causing major disturbances for consumers. The goal of the PPC is to bring relief to consumers such that they can adequately plan their budget, not having to constantly worry about changes in prices.
The decision to maintain the above-mentioned prices will also entail taking into consideration the prices paid for the latest cargo of fuel that has arrived on board the Red Eagle on the 22nd of June. The price of fuel has always been known for its instability: for one particularly week, it can be at an affordable price, and then, all of a sudden, it hits new peaks the following week. When the cargo was being embarked during the second week of June, the price of petrol was quite reasonable. During the third week of June, the price of one barrel was at $ 115, attaining the highest it has reached in nine months. But, as from last week, the prices are decreasing yet again to reasonable levels.