But after benchmarking globally the demand for crude oil has considerably risen leading to the high prices in its importation,” he said. “Towards mid last year, there was a collapse in the price for crude oil globally. But now the demand for crude oil and petroleum products globally is high as a result of restart of world economies making us procure it at competitive prices,” he stated. However, the director general said, there are consultations within the Ministry of Petroleum and the regulator on how to stabilise the pump prices going forward. “Back in the 1980s the petroleum products were being sourced at a relative lower prices.

Source: Standard Digital February 18, 2021 10:30 UTC