The scarcity of the US dollars in the market is due to the drop of oil prices in the world market, the chairman of the Finance and Economy committee in the national parliament has said.

Hon Goch Makuach says a barrel of oil was selling at more than 100 US dollars last year, fetching more hard currency to the government.

He says oil prices have now dropped to around $48 per barrel.

The traders say the current rise in food prices is due to the scarcity of the US dollars.

$1 is now selling at more than 8.5 pounds in the black market, while the official rate is 3.16 in the commercial banks.

Hon Goch says the government will organize a symposium soon to discuss how to improve the economy.

“In our government, we have relied on one resource – oil. And you cannot rely on it because it is something temporary,” Hon Goch stated.

“It can get finished and oil market is not our responsibility but is under international market.”

Honorable Goch spoke at a symposium organized by the civil society to review the peace process yesterday.