Oil firms get nod to raise pump prices

Motorists will pay more at the pump for the next six months

Motorists will over the next six months see the cost of fuel go up after the Energy Regulatory Commission allowed oil marketing companies to recover losses incurred after a change in the tax regime in 2015.

This was a U-turn from last year where the regulator had declined to give in to marketers’ demands to recoup the money by adjusting pump prices upwards.