The Ministry of Finance has canceled plans to purchase fuel hedging contracts from international financial institutions, a government source told Enterprise.

The ministry was close to finalizing contracts with two banks, before crude oil prices dipped below the $67 benchmark price used to calculate the country’s 2018/19 budget.

The government first announced it was looking to obtain a hedging mechanism in July, as Brent prices rose above the government’s projections.

However prices have rapidly declined since the beginning of October, plummeting almost $30 to lows of $58 per barrel at the end of November.

Brent is now trading below $67, eliminating the need for the government to purchase hedging products, the source said.