Pressure mounts on fuel price

Government last increased fuel prices in May, before marginally decreasing them in August as the Fund's position improved.  The Fund is a statutory instrument created to act as a buffer for consumers by levying the pump price of fuel and - through reimbursements to retailers - subsidising the commodity's price.

However, crude oil prices have risen from US$80.25 per barrel when government decreased fuel prices, to the last Friday's US$90.31.  In addition, the Organisation of Petroleum Exporting Countries (OPEC) has hinted at even higher prices recently saying, "the world can live with oil at US$100 per barrel."