'No fuel price increase,' says Zera

ZERA says recent regulations will not result in the increase in the price of fuel, but were meant to provide a price cap within which the prices should be set.

The Energy and Power Development ministry last week gazetted the Petroleum Fuels Pricing Regulations 2014, which would apply to fuel prices in relation to petroleum products at wholesale and retail levels.

The petroleum products are unleaded petrol, diesel and illuminating paraffin. According to the gazette, the selling price by a petroleum company on any petroleum products shall not exceed the oil company purchase price plus 7% of the oil company purchase price.