Capping oil prices, a plan initiated by the government in July, «is not an urgent matter» as oil companies have dropped their prices, said General Affairs Minister Lahcen Daoudi on Monday. During a session at the House of Representatives, General Affairs Minister Lahcen Daouid said that capping oil prices is «not an urgent matter» at the moment. His announcement came as the government concluded a plan, in July, to monitor fuel prices, after Moroccans launched a boycott campaign protesting the high cost of living. In front of MPs, he declared that the measure, initiated to enable the government to «adjust» fuel prices every 15 days, was only relevant when profit margins of some fuel distributors were «enormous». For him implementing the procedure now is irrelevant since many of these distribution companies have lowered their prices. The Minister explained that the drop, decided by oil companies, exceeded «30 cents», which complies with what the El Othmani cabinet has planned to propose. However, Daoudi admitted that some small companies in the field have not adjusted to the trend yet, continuing to display higher prices. More developments to follow... Lahcen Daoudi refused to give further details , stressing that «this concerns information about companies that [he is] not willing to reveal publicly». The Minister added that capping fuel prices depends on him. Interviewed by Bloomberg earlier this year, the Minister said that the plan will be applied for one year, after it gets approved by the Prime Minister. Saadeddine El Othmani will «sign it any time. All I can say now is that it will be enacted this year», added Daoudi. Daoudi explained, at the moment, that through the new plan El Othmani's executive will «impose temporary measures to counter excessive fluctuations in prices brought by extraordinary measures», says the same source. Implementing such a law comes at the heart of the demands of a viral boycott campaign that targeted three major companies, including the country's leading fuel distributor Afriquia SMDC, owned by Minister of Agriculture Aziz Akhannouch. Although the Kingdom has the lowest inflation rate in North Africa, Moroccans took their anger to social media, denouncing the high prices. According to Bloomberg, consumer inflation has reached 2.6 percent in May, which was marked by the boycott.
