Molale secures P71m to chip away at oil company debt

Friday, December 14, 2018

fuel prices have been rising through the year

The Ministry of Mineral Resources, Green Technology and Energy Security wants to source P71.2 million for the payment of arrears to oil companies and avoid planned pump price increases in December and January, BusinessWeek has learnt.

The Ministry plans to secure the funds by dipping into billions of pula allocated for subsidies towards the Botswana Power Corporation.

According to notes accompanying the 2018/19 supplementary budget, government’s debt to oil companies is rising by P35.6 million per month and the payment of P71.2 million would defer increases that were planned for December and January.

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