In keeping with the schedule of price changes under the modified market pass-through system, petroleum prices will be adjusted today.
The retail price of fuel products will be amended as follows:
“Had the Government applied the full change to the public, the retail price for gasoline would have been $16.71, as opposed to the current $16.30 per gallon,” a news release from the Office of the Prime Minister said.
“However, the Government of Saint Lucia has decided on a 50/50 percent sharing of the increase in international fuel prices between the Government and consumers. As a result Government’s excise tax revenue per gallon of gasoline and diesel will be reduced by 41 cents and 28 cents respectively over the next three months. ”
Further, it said the level of subsidy provided by the Government on the 20 pound cylinder of cooking gas has increased from $15.00 to $16.13 per cylinder for the next three months.
“By absorbing half of the increase in international fuel prices, Government will therefore be foregoing total revenue of approximate $4.2 million over the next three months,” the OPM said.
The public is further notified that the next price adjustment will be due on January 20, 2014.