NewsFuel Prices in Saint Lucia Are Expected to Increase in The Months Ahead

St. Lucia News OnlineJuly 1, 202223703 min

The negative impact of the invasion of Russia into Ukraine is already beginning to drive the cost of energy worldwide, Saint Lucia included. The next petroleum price revision scheduled for Monday 28th February will reveal an increase in the landed cost of petroleum products- unleaded gas, diesel and cooking gas.

While the latest landed costs of petroleum products have increased since the previous revision of February 7th, the government has adopted different approaches in the pricing of cooking gas and transportation fuel.
The price of cooking gas will increase since the last price revision of 7th February as follows:
20lbs cylinder $34.03 to $35.46
22lbs cylinder $37.43 to $39.01
100lbs cylinder $243.64 to $257.95

However, in the case of transportation fuel- gasoline and diesel- the government has made no changes to the retail prices, which remain at $13.95 per gallon. The increases in the landed cost of these products since the last price revision have been absorbed by the government, by reducing the price of excise tax on gasoline from $$1.62 to $1.18 and in the case of diesel from $$2.46 to $1.84.

Had the government not absorbed those increases in the landed cost of transportation fuel, gas and diesel would have been priced at $14.39 and $14.57 per gallon respectively.

Consumers should expect further increases in the price of cooking gas based on the government’s policy to pass-on, partially and fully, the increases in the landed price of this product. As it relates to transportation fuel, the government will soon have little excise tax to absorb any further increases in the landed cost of this class of fuel. Before long, the price of transportation fuel will be going up with the current war in Ukraine and the price of crude oil is now expected to remain at over US$100 per barrel during the conflict.

 

St. Lucia News Online

Leave a Reply

Your email address will not be published. Required fields are marked *

Saint Lucia News Online is an iconic design and visual news brand encompassing a venerated magazine, a website, one of the most well-respected online magazine petitions in the industry. Founded in 2017, Magazine seeks to build a dialogue about community by detailing the intersections of culture and society. Magazine focuses on a broad stroke of visual culture today, covering everything.

Ads

St. Lucia News Online, 2021 © All Rights Reserved.