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Sri Lankans to benefit from lowering oil prices

ITN News Editor
By ITN News Editor March 10, 2020 12:29

Minister Mahinda Amaraweera says that attention has been paid to benefit people as fuel prices in the world market has been slashed drastically.
The Minister stated that the Cabinet of Ministers will look into the fuel price revision at the Cabinet meeting this week.US oil prices crashed as much as 34 percent to a four-year low of 27.34 US dollars a barrel as traders brace for Saudi Arabia to flood the market with crude in a bid to recapture market share.Brent crude, the global benchmark, plunged 24 percent to close at 33.36 US dollars a barrel.

The turmoil comes after the implosion of an alliance between OPEC and Russia, which had been restraining oil supply since the start of 2017 in an attempt to support prices.Russia refused to go along with OPEC’s proposal to rescue the coronavirus-battered oil market by further cutting production at a meeting in Vienna.

ITN News Editor
By ITN News Editor March 10, 2020 12:29