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Commodities Briefing - Categorized | Market Moves, Oil more

Opec chief backs Osborne’s fuel duty freeze

Posted on 07 October 2013

Chancellor George Osborne gained an unexpected fan at the top of the Organisation of the Petroleum Exporting Countries (Opec) last week when he announced a freeze on fuel duties until 2015.
For Abdalla el-Badri, kingpin of the 12-nation group of oil producers that controls a third of the world’s supply, says that governments increasing taxes on fuel are the main culprits behind higher prices at the petrol pump and not the actual cost of crude oil, which Opec is often accused of manipulating………………………………………..Full Article: Source


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