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Description
A faltering economy in the face of substantial GDP growth has led Honduran President Manuel Zelaya's administration to take a series of dramatic actions. Chief among them is a freeze on the prices of basic goods. The general public, strained as it is by rising prices, welcomed the move, which went into effect Nov. 13. Linked to rising consumer prices have been fuel prices, the result of a long spate of speculation in the oil sector that has seen oil reach nearly US$100 a barrel in recent days.
On the oil front, presidential legal advisor Enrique Flores Lanza told reporters earlier in November the administration had asked congressional authorization to import bunker fuel from Petrocaribe, the Venezuelan initiative that provides fuels to countries in need under preferential terms (see NotiCen, 2006-03-30). The bunker fuel, a heavy fuel, is to be used in power generation. In Honduras, more than half the electrical generation comes from oil-fired or thermo plants. The state power company said that, as of September, electricity output for the year was 62.8%... |
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