Despite climbing oil prices since January this year, Minister of Energy and Energy Industries, Franklin Khan says this development also means a higher fuel subsidy cost for the government.

Figures indicate that the price of oil since the beginning of this year has been going upward of $60USD per barrel.

The national budget was pegged on an oil price of $52US per barrel.

Speaking at the Standing Finance Committee of Parliament on Tuesday Minister Khan noted that with the hike in oil prices comes an increase in the subsidy for the fuel.

Meanwhile, Minister of Finance, Colm Imbert, highlight that state owned Energy Company Petrotrin has been behind in royalty payments.