Minister of Industry and Commerce Angel Lockward explained why despite fuel prices dropping on world markets, local prices have gone up. The Hydrocarbon Law pegs the price of gasoline and diesel to world market prices. But Lockward said the DR imports refined fuel, not crude. He also said that the country does not buy in large quantities because its storage capacity allows only for 15-day inventory. He also said that the local fuel prices also suffer from the devaluation of the peso. The peso has been losing to the US dollar.
