Cabinet has discussed the increased fuel prices and is considering options carefully to avoid future negative effects on the country’s balance of payments, according to Minister of Finance Winston Jordan.
“The issue about price increases for the minibuses is also engaging the attention of the Cabinet. Only last Tuesday at Cabinet this matter was raised and so we will have to find creative solutions to the problem of rising fuel prices. I understand, though, that in the past week or so prices have trended downwards. I believe prices have fallen back to about sixty-something dollars per barrel from the high seventy-something,” Jordan was quoted as saying yesterday by the Department of Public Information.
The report said he also noted the opposition calls for a previously used tax formula to be employed to ease the burden of increased fuel prices on citizens but explained that while the previous administration was able to forego taxes to maintain fuel prices in the past, the conditions were different.
