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Dear Editors,
Now that the crude
oil price is falling again, we have witnessed significant price drops at
gas stations in Europe and the United States.
Should we expect the
same here?
Since the era of
petrol subsidies is over, I was wondering whether our officials would
react, aligning the domestic retail price with the international one. A
quick reaction would have a big impact in cooling down the inflationary
pressure which is destabilizing and creating multi-faceted consequences.
The arguments of
revenue gain or the issue of cross-subsidization would be dwarfed in the
face of subsiding inflation by realigning domestic and international oil
prices. On top of the direct economic benefits, downward price
adjustments boost both consumers’ and producers’ confidence, and builds
trust in government institutions and the belief that they indeed promote
the public interest.
I think it is high
time for the government to react as fast as possible to put things on
the right path.
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