Up go our fuel costs
rise 2.1 cents a litre.
OPEC price increases, threats by Libya to cut off oil supplies, and seasonal price increases will see gasoline moving up to $1.07.4 at the pumps, according to Finance Secretary Dr. Idwal Hughes.
Diesel fuel will go up 0.6 cents a litre, and kerosene will rise 0.2 cents a litre.
Members of the Organisation of Petroleum Exporting Countries last month voted to raise prices and prices indeed went up. Oil prices rose about $1.40 a barrel -- which works out to a couple of cents per gallon.
In addition, Libya threatened to cut off oil exports in response to a UN embargo scheduled to begin today -- and prices have gone up as buyers build up stocks to protect themselves. The UN wants Libya to give up two suspects in the Pan Am bombing over Lockerbie, Scotland.
Regardless of these increases, gasoline prices traditionally go up this time of year -- as car driving increases -- while prices of winter heating fuels go down.