President Luis Abinader affirmed this Wednesday that if the price of oil continues to rise, it will be impossible to maintain the fuel subsidy in the country.
"It is impossible to continue. We subsidized the price of oil, of all hydrocarbons, last year for about 13,000 million (pesos) … That is impossible to continue with that. It is impossible"Said the president during an interview on the morning program Hoy Same, which is broadcast on Color Vision (channel 9).
The president explained that the Government is not prepared for the barrel to rise much. “We are prepared for it to go up a bit …”, he admitted.
He referred that yesterday a barrel of Brent oil was quoted at 83 dollars and West Texas at 81. He added that the cost of natural gas and coal has also risen, which has also had an impact on electricity generation.
He said that if oil continues to rise, there will come a time when he will have to talk with the country to see what can be done, especially to prevent higher inflation from occurring because the inflationary effect of oil is transversal throughout the economy. He stated that for this fuel prices are your biggest concern.