THE NATIONAL PETROLEUM CORPORATION (NPC) faces a near $5 million loss next year unless it gets a rate increase very soon.
This was revealed yesterday by Prime Minister Freundel Stuart, who made it clear that the dirt-cheap natural gas rates to domestic customers had to be adjusted up or the state-owned entity would find itself deep in the red.
And Government took the first step on the road to a rate increase yesterday when debate began on the National Petroleum Corporation Amendment Bill in the House of Assembly, which was introduced by Stuart.
The amendment, among other things, seeks to include natural gas in the definition of petroleum, and to clearly outline ministerial powers to including prescribing a range of fees for the NPC and rates for its products. It also outlines penalties for tampering with natural gas pipelines and other infrastructure. (GE)
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