Oil Prices
Oil price skids on oversupply fears and weak world economy

ATLANTA (MaraviPost) – US oil prices tumbled about 5% to $47.48 a barrel on Tuesday following World oil prices which tumbled on Tuesday as well to strike their lowest levels in more than a year, hit by fears over the outlook for the global economy and doubts over producers’ resolve to cut output.

Reports that non-OPEC producers Russia and the United States were pumping oil at record levels wrong-footed many investors who not long ago had bet on a sharply rising market.

While the DPP led government reduced the price at the pump, Saulos Chilima has expressed dissatisfaction over the rate of the recent fuel price reduction.

Speaking during a rally at Masangano ground, traditional authority Kalumo in Ntchisi, Chilima said the cuts in the fuel price is just too little and does not match on the global market.

Saulos Chilima declared that the recent prices reductions were done by the Mutharika led government because he had been pushing for the reduction when the prices went up.

“They have reduced the prices because we were against the hike and we were pushing for the reduction, however, the reduction is too minimal that we are still not catching up on the global market,” said Chilima.

He said it is his wish to see the prices going down further than it is now.

According to the revised prices, diesel is now selling at K949.60 from K990.40 per liter and Petrol is now at K923.50 from K990.30 per liter while paraffin will be selling at K781.80 from K785.00 per liter.

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