Rate list review demanded by contractors after rising oil prices

The recent rise in oil prices has forced contractors to review tariffs and has halted several projects in the city, news sources reported.

As oil prices tripled last month, so did the prices of steel bars, cement and scrap. To combat this, contractors are demanding higher contract rates. Sources have clarified that the suspended projects will not resume until interest rates are raised to match inflation.

However, the government has already revised his contract rate for development projects in December 2021, which has increased the cost of megaprojects by 25% for him. The government is currently working to revise the tariffs and new notices may be issued in this regard after Eid al-Aza.

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