The politics of fuel prices

There has been a multitude of calls in the local press calling for a reduction in fuel pump prices. The calls have come against the backdrop of the fall in crude oil prices on the world market in the past few months.

People have argued that the Petroleum Pricing Committee (PCC) should reduce the pump prices by up to 40%. Government on the other hand has argued that it was/is building up the stabalisation fund that was severely depleted when the PCC refused to raise prices last year when the price of crude oil skyrocketed. Others have said that the PCC should wait to see how the Gaza conflict and Russia gas row will play out as they have the potential to send the commodity skyrocketing again and this has been evident in the price movements in the past two weeks.

I say our focus should be on this price stabalisation fund… at least for now.