St. Lucia to see reduction in oil prices in early 2015

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St. Lucia to see reduction in oil prices in early 2015

Given major reductions in oil prices on the world market, the Government of St. Lucia has planned to make an adjustment to the price for oil locally, which will see a reduction in 2015.

Prime Minister Dr. Kenny Anthony told the media that the next price adjustment is due on Monday, January 12, 2015. Consumers he said can look forward to a reduction in the price for oil.

“I would expect on the last three months up until January, because of the reduction of oil on the world market you are going to see a significant reduction on the domestic market,” he said.

Oil prices hit a four-and-a half-year low in November, in the wake of the decision by the Organization of the Petroleum Exporting Countries (OPEC) producers’ cartel not to cut output.

Despite this reduction, during the month of October 2014, the price of gasoline and two LPG cylinders remained unchanged in St. Lucia. There were however slight decreases in the price of kerosene, diesel and bulk LPG.

Under the United Workers Party (UWP) government the price for oil were adjusted every month. However, this policy was changed by the St. Lucia Labour Party (SLP) government, to reflect adjustments in oil prices every three months.

“The result of course was, once prices rose people had to bear the shocks of a sudden increase. We do not think that was helpful to the economy,” he explained. Anthony said that is the reason why the three-month system was introduced. The prime minister asserted that his government stands by the decision to make these price adjustments every three months.

The UWP Leader Allen Chastenet has called on government to scrap the new policy and make adjustments to local oil prices, whenever there is a decrease on the global market.

Global demand for OPEC crude in 2015 is expected to fall to the lowest level in more than a decade and far below current output.

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13 COMMENTS

  1. Kenny will go down in history not as a leader but the greatest extortioneer ever in this island....We have taken a wage freeze..we have to endure VAT....we have to accept all those hand pick appointees and political promotion....and you still have the nerve to rob us...UWP was crap....you are killing us amass...gas should be about $11.75 and you will still be making about $3.50 per gallon....

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  2. Please spare us the 25 cents decreases.
    We want a meaningful reduction in the price of petrol.
    More than $2.00

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  3. Jadia sometimes you all take a joke too far .Since when CSA dictates or regulates the price of oil?.Keep on dreaming.

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    • Always knew you do not understand shit. Who do not know CSA do not regulates the price of fuel? However, if there is an unfair decrease the unions can take action. Can't they? Sorry other reads, I had to break it down for "bambi"

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  4. Lol Well prepare for WW3. Dumb American Government lowering oil prices that will hurt Russia, Venezuela, Canada and other oil exports. The IMF is American owned and only benefits America. The end days are near, Nuclear fallout baby!

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  5. There is no need for policy changes. Either way consumers or government is a winner. Keep to policy. Too much in-fighting only creates unnecessary hysteria.

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