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Consumers of petroleum products and utility would have to brace themselves for regular adjustments in prices and tariffs as government plans to fully pass on the cost to consumers to reduce the pressure on its finances.
Joy News gathers that at a recent meeting on the economy, Cabinet asked for further consultations before it finally approves the move.
If the plan ultimately gets Cabinet's endorsement, then prices of fuel could be going up every two weeks, because government might no longer step in to cushion consumers from the expected hikes, whilst utility tariffs could go up every three months subject to the approval of Public Utility Regulatory Commission (PURC).
Joy News has also gathered that government could soon be cutting down subsidy on kerosene and pre-mix fuel.
This could mean that prices of these products would go up on June 1, the next review date. Government currently absorbs about 52 percent of the price on kerosene and 73 percent on premix fuel.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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