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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » No revision in oil prices..

No revision in oil prices..

Go down  Message [Page 1 of 1]

1No revision in oil prices.. Empty No revision in oil prices.. Fri Jun 15, 2012 2:59 am

Rizmi

Rizmi
Manager - Equity Analytics
Manager - Equity Analytics
The prices of oil could not be revised overnight despite short term fluctuations in price levels in the world market, Mass Media and Information Minister and Cabinet Spokesman Keheliya Rambukwella said.

The minister was addressing the weekly Cabinet press briefing at the ministry yesterday. He said Sri Lanka follows a methodology of analyzing oil prices periodically and deciding the local prices unlike certain developed Western nations which decide the prices on an hourly basis.

He said the government has to study the prices quarterly or once in six months and decide on the average prices.

He said the low prices of oil in today's world market does not necessarily mean the prices would not take an upward trend tomorrow. He said that considering all aspects the Petroleum Industries Ministry would take appropriate measure to revise the prices at the right time by being fair to the public. He said the government did not increase the prices of oil as soon as the prices fluctuated in the global market but endured it for a considerable period to provide a relief for the people.The prices were revised when the Treasury was unable to bear it any longer, he stated.

http://www.dailynews.lk/2012/06/15/news13.asp

2No revision in oil prices.. Empty Re: No revision in oil prices.. Fri Jun 15, 2012 3:40 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Rizmi wrote:The prices of oil could not be revised overnight despite short term fluctuations in price levels in the world market, Mass Media and Information Minister and Cabinet Spokesman Keheliya Rambukwella said.

The minister was addressing the weekly Cabinet press briefing at the ministry yesterday. He said Sri Lanka follows a methodology of analyzing oil prices periodically and deciding the local prices unlike certain developed Western nations which decide the prices on an hourly basis.

He said the government has to study the prices quarterly or once in six months and decide on the average prices.

He said the low prices of oil in today's world market does not necessarily mean the prices would not take an upward trend tomorrow. He said that considering all aspects the Petroleum Industries Ministry would take appropriate measure to revise the prices at the right time by being fair to the public. He said the government did not increase the prices of oil as soon as the prices fluctuated in the global market but endured it for a considerable period to provide a relief for the people.The prices were revised when the Treasury was unable to bear it any longer, he stated.

http://www.dailynews.lk/2012/06/15/news13.asp
the world oil prices going down due to saudi arabia pledged not to cut its supplies supporting western allies specially usa.

economic slowdown is the other factor globally.

we are hearing china slowing down, japan too, europe crisis, and usa mix results.....

saudi arabia,uae will not take steps unless oil price come down to 40$ a barrel.

then they will want the oil price to rise to 120 levels similar to some months ago.

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