No Hasty Cuts
Tuesday, April 28, 2020
The collapse in world oil prices sparked calls for the government to reduce fuel prices. There is a risk of losses at a time of considerable global economic uncertainty.
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THE government should not hastily reduce fuel prices. Although the market price of oil has plummeted as a result of the collapse in demand due to the Covid-19 pandemic, the global economic pendulum could still swing in another direction. The currently low prices of crude oil and gasoline could rise in an instant.
Demand for oil began falling when China was struck by Covid-19 in January. The slowness of oil producing countries to reach an agreeme
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