Petroleum prices on the decrease

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Monday, August 06, 2012 – Citizens around Saint Lucia are benefiting from marginal reductions in the prices of petroleum products effective Monday August 6th ,2012.

In some cases the prices went down by as much as EC$1.79 while others recorded slight decreases of EC$0.12 and EC$0.17.

The price of gasoline moved from $3.42 per litre to $3.25 per litre and Diesel from  $3.37 per litre to $3.25 per litre.

Press Secretary to the Prime Minister Jadia Jn Pierre Emmanuel says local consumers are benefiting from these significant reductions due to changes on the international oil market.

“This reduction is in accordance with the modified Pass Through Policy on fuel announced by the Prime Minister Honourable Dr Kenny Anthony during the 2012/2013 Budget, the reduction in the fuel retail prices reflect a downward trend in international oil prices in the last three months due to concerns over the prospects of recovery for the global economy.  As a result of the fall in international oil prices the import prices of gasoline and diesel during the period April 30th to July 20th 2012 have been reduced by 12.5% and 9.7% respectively”.

In addition the 20 pound cylinder (9.07 kg)  of Liquid Propane Gas (LPG) which is commonly referred to as cooking gas saw the greatest price reduction.   The price went down by over EC$1:50 from $35.99 to $34.20 per Cylinder.

The Press Secretary says as a result of a sharp reduction in government revenue from fuel a decision was taken not to reduce the retail price for the 100 pound cylinder of LPG.

“Owing to the increase in fuel prices earlier in the year Cabinet decided to pass on half of the reduction in import prices to consumers while allowing government to recoup some of the looses in revenue, the public would recall that on previous occasions when international oil prices were increasing government would absorb some of the increases in prices by lowering its revenue intake and pass on some of the higher prices to consumers.  On this occasion,  because of the reduction in international oil prices the reverse was done.  In the case of the 100 pound cylinder of LPG the retail price was not reduced as this product was being subsidised from earlier this year.  With the reduction in the import price and owing to the fiscal implications government has decided to minimise the level of subsidy on this product and continue subsidising the 20 pound cylinder of LPG”.

The Public is advised that the retail prices for LPG- 100 Pound Cylinder (45.36kg) and Kerosene remains unchanged at $254.93 and $1.32 per litre respectively.  The retail prices of fuel products will be next adjusted on Monday, October 29th , 2012.

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