The Minister of Industry, Commerce and MSMEs (MICM), Yayo Sanz Lovatón, announced this Monday that he will propose a reform to the Hydrocarbons Law No. 112-00, to modernize the market and regulate the consumption of fossil fuels and petroleum derivatives in the Dominican Republic in accordance with modern times.
“We have to review that Law, we have to reform it,” emphasized Yayo, while committing to push said modification to the National Congress from the MICM.
Through Law 112-00, the MICM adjusts and issues the parity prices for all fuels every Friday.
“We have to review it, we have to move more towards a renewable energy matrix, I believe that the Dominican Republic has to work constantly to be as less dependent as possible on the hydrocarbon market, over which we have no influence,” stated Sanz Lovatón.
He explained that the condition of being a non-oil producer forces the country to reduce its dependence on crude oil, so that it can be more effective.
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The announcement was made during an interview on the radio program El Gobierno de la mañana, which is broadcast on Z 101.3 FM.
