Fuel Prices Unchanged

The Government is increasing fuel and cooking gas subsidies to keep prices unchanged for gasoline, diesel, kerosene and the 20-lb and 22-lb cooking gas cylinders. The price of gasoline remains $17.25 per gallon, or $3.79 per litre, while diesel remains at the same price.

Kerosene also remains unchanged at $10.41 per gallon, or $2.29 per litre. The 20-lb LPG cylinder remains $36, while the 22-lb cylinder remains $40.

However, larger quantities of cooking gas have become more expensive. The price of a 100-lb LPG cylinder has increased from $314.88 to $324.88, while bulk LPG has risen from $3.02 to $3.12 per pound.

The Government said higher international oil prices and increased import costs prompted the additional support. During the September 7, 27 reference period, renewed military conflict involving the United States and Iran, disruption to oil shipments through the Strait of Hormuz and other pressures on global supply contributed to higher international oil prices.

The average price of West Texas Intermediate crude rose 13.3 per cent to US$97.50 per barrel. Saint Lucia’s import costs for gasoline, diesel and LPG also increased.

The Government said the additional subsidies are intended to reduce the extent to which those higher costs are passed on to households and businesses. For the current pricing period, the Government is providing subsidies of $40.47 on the 20-lb LPG cylinder and $44.11 on the 22-lb cylinder.

Without those subsidies, the 20-lb cylinder would cost $76.47 and the 22-lb cylinder $84.11, instead of their current retail prices of $36 and $40. The 100-lb cylinder is receiving an increased subsidy of $57.45, while the bulk LPG subsidy has increased to $0.57 per pound.

The subsidies will help consumers and businesses in Saint Lucia to manage their expenses during a period of higher international oil prices.