Tanzanian gov't to ensure fair oil trade: official

The Tanzanian government has promised to ensure that the country's oil importers and dealers adhere to fair trade practices.

The promise was made after a two-day closed-door talks between the government and oil importers and dealers from across the country in Dar es Salaam.

According to a statement issued by the deputy minister for energy and minerals available here on Friday: "Relevant government authorities will be vigilant enough to ensure oil prices comply with the availability."

But the governmental statement admitted that oil prices in the country were currently governed by the rules and regulations of free market economy.

"The ongoing price increase is part of the general global trend, hence the government can hardly control these prices as they are determined by forces of supply and demand."

Retail prices of petrol and diesel have gone up in Tanzania due to various factors especially the hike of petroleum prices on the international market.

Prices of petrol last week upped to 1,360 Tanzanian shillings ( 1.046 U.S. dollars) per liter while prices of diesel increased to 1,356 shillings (1.043 dollars) per liter at the BP filling stations in Dar es Salaam.

The continuous price hike of fuels have forced up the costs of transportation of human beings and goods in the country as well.

Both the long-haul buses and urban taxis have raised their fares in the wake of fuel price hikes. The minibuses are also increasing their fares effective on June 1.

Both petrol and diesel were selling at around 1,150 shillings ( 92 U.S. cents) per liter late last year in the country.

Source: Xinhua