The current record prices of crude oil on the world market will not have any immediate impact on fuel prices in Mozambique, the deputy national director of energy, Iolanda Cintura, told AIM on Tuesday.
The current record prices of crude oil on the world market will not have any immediate impact on fuel prices in Mozambique, the deputy national director of energy, Iolanda Cintura, told AIM on Tuesday.
But that is merely because there is a time lag. The government uses a weighted average to calculate the price in local currency of refined fuels, taking into account the prices and amounts of fuel already imported.
Cintura said that, if the international oil price remains high, its impact will only be felt in Mozambique as from September.
The government reviews fuel prices every month, and adjusts them whenever the import price has moved in either direction by over three per cent, when expressed in local currency, or whenever there is a change in fuel tax. Cintura appeared to be saying that there will be no significant hike in fuel prices this month.
Oil prices have been hitting record highs over the past few days, partly because of the continued chaos in Iraq, partly because of the uncertain future of the largest Russian producer Yukos, and partly because of excessive demand for oil in the United States.
Fonte: AIM
