“The price of fuel may need to be adjusted,” says Nasrul Hamid

Minister of State for Energy, Energy and Mineral Resources Nasrul Hamid hinted at the increase in the price of heating oil by highlighting the country’s energy situation following the rise in oil prices and gas on the world market.

“We have seen an upward trend in the price of oil for the past six to seven months. The oil that we used to buy for $70 to $71 has now become $171 and it keeps going up,” a- he said in an audio message sent to the media. today (July 7, 2022).

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“…Using our own money, we gave subsidies. We have to go for (oil) price adjustments at some point,” he added.

Highlighting the global rise in oil prices, the Minister of State said, “Countries have taken various actions due to the rise in oil prices. They adjusted the price of oil. As for neighboring India, they have raised prices from Rs 35 to Rs 50 per liter for various oils.”

On electricity, Nasrul said, “64% of our power plants are powered by local gas. The amount of gas from our wells has been decreasing day by day.”

“We said that gas reserves will gradually decrease,” he said.

Stating that the current situation is temporary, the Minister of State added: “It will not last long. We have a lot of power plants. But due to the gas crisis, we have reduced electricity production.

Nasrul Hamid said, “If we are thrifty in terms of using gas, we will definitely be able to cope with this situation.”

Eleanor C. William