Be grateful it’s not worse!

Following Gaborone Central Member of Parliament (MP), Dr. Phenyo Butale’s recently rejected motion requesting government ‘cushion’ consumers against the constant hiking of fuel prices, Energy Minister, Eric Molale has spoken publicly on the matter.

Molale convened a press briefing on Tuesday this week, where he outlined the pricing process of retail fuel prices amid concerns the hikes were due to the depleted National Petroleum Fund (NPF).

Last week Molale led an onslaught against Butale’s proposal, claiming it was already what government was doing.

Since January this year, brent crude oil prices have increased from $62.87 per barrel to $80.63 per barrel.

Despite this increase in the international crude oil and finished product prices, Molale noted that the frequency in which domestic prices have been raised was much lower than other countries.

“Most countries that regulate fuel prices adjust them more regularly on a monthly basis like South Africa to avoid price adjustments backlogs,” explained Molale, adding that government is vigilant of the impact of the changes on inflation in adopting regular price adjustments.

Original Article URL: