Government not taking advantage of low cost of oil

The government was not taking advantage of the current oil prices which were at their lowest levels since 2004, the Opposition spokesman for the economy, Gavin Gulia, said.

He said in a statement although the price of oil had gone down to less than $40 a barrel even through Opec had declared that it was reducing production by less than two million barrels a day, the government was ignoring the justified requests to revise the rates.

Dr Gulia noted that while exports were dropping at an alarming rate, the government was increasing industry’s expenses making it less competitive at a difficult time.