UWP calls on PM to justify increase in fuel prices

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UWP calls on PM to justify increase in fuel prices

The United Workers Party (UWP) is requesting that the prime minister explain why the price of gasoline has gone up to over EC $16.00, even as the administration boasts a reduction in the excise tax on gasoline of EC$1.84 per gallon and EC$2.35 per gallon for diesel, as well as a reduction of fuel prices on the world market.

The document below (ATTACH DOC) is a reference of fuel price adjustments from August 24, 2010 to October 28, 2013, and would suggest that there is something mathematically wrong with the figures quoted by Dr. Kenny Anthony in his address last Thursday at a presentation ceremony involving PetroCaribe and ALBA representatives, UWP said.

CLICK HERE TO VIEW DOCUMENT.

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4 COMMENTS

  1. This fuel pass through mechanism is a mess for which ever party in power. There is nothing sinister in this present pricing regime. Its just that they never factored a scenario where by the average price for the period is higher than the current market price.
    Clearly this formula is floored and it needs to be replaced with 1 which reflects greater fairness to consumers.The politicians must man up and do the right thing and stop criticising each other over this.

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    • I cant agree with you that the system never worked under any regime. There was no scenario where the average price was higher than the current price under the Monthly system under the King Administration.

      Fuel prices were adjusted every month prior to 2012. So if it was low in the present month, consumers would benefit the month following, plain and simple.
      Currently we have to wait three months for gas prices to be adjusted, and we never know what to expect because instead of the world price for just one month, one now has to pull out a calculator and see the average price for the three month period.

      Would the LPM, if elected reduce the mechanism to weekly? Because I dont see a system better than the monthly pass through.

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