At present, consumers in Antigua and Barbuda have the advantage of the lowest gasoline prices in the Eastern Caribbean Currency Union (ECCU).
The ECCU recently issued a report that disclosed the average price of gasoline within the union to be 16.12 cents.
The prices in the eight countries that comprise the ECCU range from $17.98 cents in Montserrat to $13.99 cents in Antigua and Barbuda as of August this year. During a parliamentary session on Monday, Prime Minister Gaston Browne acknowledged the steady increase in the cost of oil on the global market.
However, the government has chosen not to transfer the increased costs to consumers by absorbing them.
The Prime Minister stated that his government has subsidized fuel sold to consumers. As a result, the government will pay West Indies Oil Company instead of collecting up to $3 million in consumption taxes from them.
This will ensure that prices remain low for this month and the next. This decision is part of the government’s efforts to keep the cost of living down and assist residents of Antigua and Barbuda.
The country pays the second-lowest diesel prices, at $14.25 cents, while Montserrat consumers pay the least at $14.10 cents.
In August 2023, gasoline prices declined by approximately 9 percent compared to the same month the previous year. Meanwhile, diesel prices declined by an average of 15 percent across the currency union, as reported by the ECCU.