In a statement today, the finance ministry said the measures taken would ensure the people were not burdened with the rise in world oil prices and the rate of inflation would be controlled in the medium and long term.
“The government has implemented subsidy rationalisation measures for petroleum products to follow the rise and fall in the world crude oil prices.
“This move has managed to reduce leakages and ensure targeted subsidies reach the public transport sector and fishermen, as well as cooking gas,” it said.
The ministry said the fixing of the retail prices for RON95 and diesel took into consideration global oil prices and foreign exchange rates.
“The weekly pricing mechanism is based on the average change in the cost of petroleum products the previous week that will determine the price for the following week,” it said.
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