NewsWhore
01-22-2007, 03:40 PM
Despite the US$20.42 drop in international oil prices over the last six months, the average price paid by Dominican consumers has not kept pace. Premium and regular gasoline have fallen by just RD$25.30 and RD$23.60 each. According to Federico Quezada from the Ministry of Industry and Commerce's Hydrocarbon Department, crude oil prices are not the only reference point for setting local fuel prices. According to Quezada, the fact that the intermediaries purchase future crude contracts, often at times when prices are high, is one important reason why local prices do not reflect world prices. Another factor is the cost of a dollar on the exchange market. During the period of lower crude prices the dollar has shifted from RD$32.79 to RD$34.03, a relatively stable market. Beginning in January, the government also added a RD$5.00 peso tax on regular gasoline and a RD$3.00 peso tax on diesel fuel. The government has lowered the cost of a gallon of gasoline for the second week in a row. Premium gasoline fell by RD$1.50 a gallon and regular by RD$1.20.
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