Muhith proposes hike in crude oil price
Thursday, 5 June 2014
Finance Minister AMA Muhith proposed Thursday a 25 per cent price hike per barrel of crude petroleum.
In placing the budget proposals for FY 2014-15 Muhith proposed to raise the price to US$40 per barrel from current US$32.
He defended his proposal saying the current tariff value has been in practice for more than 10 years, according to a news agency.
Likewise, tariff values on other refined petroleum products are being proposed to be increased from 31 cent per liter to 40 cent per liter.
The international market prices of petroleum products are much higher than these proposed values, he said.