Fuel pump prices to remain stable

Friday, January 20, 2017

Government has enough cash reserves to cushion international oil prices increases

The Department of Energy says despite the recent rise in international oil prices it has sufficient funds in its coffers to continue cushioning the effects of the fluctuating commodity.

In an interview with BusinessWeek, director of energy, Kenneth Kerekang said at the moment the department relies on the National Petroleum Fund (NPF), which he stated has adequate funds to provide the ‘exquisite’ cushion to the prices.

The National Petroleum Fund is used by government to pay petroleum retailers the difference between the administered and prevailing fuel prices.

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