NewsWhore
03-12-2008, 03:30 PM
The Minister of Industry and Commerce, Melanio Paredes, confirmed yesterday that the high oil prices "have shocked" Dominican officials, and represent a RD$25 million per month increase in the cost of the electricity subsidies. With oil prices closing at US$109.72 a barrel on the NY Commodities Exchange yesterday, Paredes said that President Fernandez had called him "to analyze the impact of these prices on the country's other markets, such as goods and services, transportation and foodstuffs". Paredes revealed that the petroleum product taken as a reference point for calculating this year's budget was Fuel Oil #6, which was projected to cost US$67 a barrel. However, the current cost of this product is now US$72.15 a barrel and this is what is costing RD$25 million more each month.
More... (http://www.dr1.com/index.html#4)
More... (http://www.dr1.com/index.html#4)