HomeBusinessFuel prices changes in Saint Lucia aim to reflect global trends

Fuel prices changes in Saint Lucia aim to reflect global trends

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Saint Lucia: The Government of Saint Lucia announced a change in the retail price of liquefied petroleum gas, commonly known as LPG, for retail sales on Monday, 12 February, and fuel prices are expected to be applied from Monday, 4 March. The changes are being made due to the fluctuation in the oil prices in the international market and are also part of the commitment of the government to introduce a modified oil price.

As per the report, in the new changes, the retail prices for the petrol, diesel, kerosene and LPG cylinders of 20 lbs and 22 lbs remain the same. The prices for 100lb LPG cylinders and wholesale LPG changed.

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In the new structure, Gasoline and diesel prices remain at 3.63 dollars per litre and 16.50 dollars per gallon, which is intended to provide stability for both consumers and businesses. The price of kerosene also remains at 2.58 dollars per litre and 11.72 dollars per gallon. The process will be providing affordability for households that depend on these fuel sources.

The prices of LPG cylinders in the new structure, the cylinders of twenty and twenty-two pounds, are steady at their prior prices of 36 dollars and 39.60 dollars per cylinder. Additionally, a twenty pound cylinder is subsidised at 18.88 dollars per cylinder, while a twenty-two pound cylinder is subsidised at 20.76 dollars per cylinder. These prices highlights the approach of the government to ease the burden on consumers.

Hundred pound cylinders, however, will see a slight increase from 264.84 dollars to 274.38 dollars per cylinder. Similarly, the wholesale prices of LPG will increase from 2.52 dollars to 2.61 dollars per pound. These adjustments show the dynamic nature of the global oil market and seek to make sure the sustainability of the local oil sector while maintaining reasonable prices for the consumer.

The Government of Saint Lucia emphasises its commitment to transparent and predictable pricing mechanisms to set fuel prices that bring clarity to both businesses and consumers. By announcing the next fuel price, which is expected to take place on Monday, 4 March 2024, the government aims to promote stability and predictability in the energy sector.

In the statement by the officials, the Ministry of Trade, Industry, Business Development and Consumer Protection of Saint Lucia mentioned about the importance of these adjustments to balance local fuel prices to international trends. The ministry repeated the commitment of the government to take control of the impact of global oil price fluctuations on consumers and businesses of the nation.

As Saint Lucia faces a challenging environment in the global energy sector, the government remains committed to providing the citizens with a stable and affordable supply of fuel.

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