In separate statements to the press, top government sources unanimously promised an imminent reduction in the price of petroleum-based products. President Hipolito Mejia declined to offer details, but said that he would scrupulously observe "the letter of the law" governing fuel prices. Mejia was referring to the recently enacted "Hydrocarbons Law" that requires a bi-weekly adjustment of fuel prices. The Minister of Commerce, Angel Lockward, was no more specific about the date, but also affirmed that next week Dominicans would see some reflection of the drop in international prices. The sharp decline noted in recent weeks in the cost of a barrel of petroleum on international markets has yet to be reflected in the local market. The President of the Dominican Petroleum Refinery, Licelot Marte de Berrios, also expressed confidence that a price reduction is forthcoming, but explained some of the factors that might affect its delay. According to Marte de Berrios, the DR already has a two-week supply of petroleum products bought at the higher prices. I addition, the price of a barrel of oil in the world market is for delivery to the refinery in 60 days, not for immediate delivery to the gas pump. More over, according to Marte de Berrios, the DR acquires refined products gasoline, gasoil, propane gas, and the like the production costs that must be factored in to local prices.
