Keep fuel, gasoline prices high, IMF chief urges governments

IMF chief Rodrigo Rato has criticised attempts to depress fuel prices in the United States, China and some other countries, and advocated raising prices instead of offering tax breaks or subsidies. Rato told a seminar organised by OPEC that domestic pricing policies for refined fuels should "truly reflect the scarcity of the resource", high world crude prices, and collateral costs such as pollution.

The suggestion comes at a time when world oil prices are still at high levels despite a recent decline from July's peak of over US$78 a barrel. Rato acknowledged that there would be some political resistance to the idea of raising prices. However, he pointed to successful experiences in Indonesia, Jordan and the United Arab Emirates.

(2006-09-13 13:26:41 SGT) [Energy] Permalink

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