Consumers of petroleum products in the country might be excused in the coming months from any increase in prices at the pumps.
This is because the benefits of hedging the country’s crude oil purchase are materializing, as price of crude oil rises above the 110 dollar a barrel mark.
Government last year began a program to hedge the country’s crude oil purchases.
This saw the country hedging about a million barrels of crude which represent about 50 percent of the country’s consumption every month.
The program is expected to end by the middle of this year.
Moreover, consumers last month started paying for the real price of crude oil as it rises on the international market after government withdrew subsidies on oil.
However, Chief Executive of National Petroleum Authority, Alex Mould tells Joy Business consumers shouldn’t be worried about the current developments on the world market because of the hedging program.
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