NewsWhore
03-13-2008, 08:20 PM
Economic, Planning and Development Minister Temistocles Montas says that the DR is "on the verge of a terrible situation" in the face of the increase in international oil prices, which will have to be countered by a "tightening of belts" by the government. Montas says that the current subsidy for the electricity sector is for US$650 million, but if the barrel of oil reaches US$120, which is a possibility, the electricity subsidy could be doubled. He added that although the government doesn't plan to raise electricity rates, if the authorities decide to freeze fuel prices, the country would fall into an unsustainable situation, which would be damaging for all Dominicans. Yesterday, the barrel of crude reached another all-time high of US$109. This continued increase in fuel prices could force the government to rethink the Energy Contingency Plan which was announced in 2007. Although the Plan was to be put into action immediately, it has lagged in its implementation.
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