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The Ministry of Finance and Corporate Governance hereby announces the implementation of a refined pass-through mechanism for fuel prices to achieve the 2024 budgetary target for consumption tax revenue.
This is part of the Government’s strategic initiative to bolster fiscal resilience through enhanced fiscal performance.
The intention is to ensure increased transparency and predictability regarding the partial pass-through of international oil price changes. This pricing mechanism will allow the Government to continue providing subsidies for certain petroleum products and support vulnerable segments of the population while maintaining some level of revenue assurance.
Despite the recent increase in the cost of gasoline and diesel, as reported by the West Indies Oil Company (WIOC), the Government has opted to maintain the retail prices at the pump. The pricing structure for gasoline and diesel, along with the margins for WIOC, inland transport, and gas station dealers, will remain unchanged.
Effective Thursday 15, February 2024, fuel prices will be as follows:
- Gasoline: $13.99 per gallon
- Diesel: $14.25 per gallon
- 20 Pound LPG: $32.00 per Bottle
- 25 Pound LPG: $40.00 per Bottle
- 100 Pound LPG: $155.00 per Cylinder
Additionally, to support affordability for consumers, the Government will continue to provide the following subsidies:
- 20 Pound LPG: Subsidy of $5.16 per bottle
- 25 Pound LPG: Subsidy of $6.45 per bottle
- 100 Pound LPG: Subsidy of $17.64 per cylinder
The refined fuel pass-through mechanism aims to strike a balance between fiscal responsibility and consumer welfare, ensuring a sustainable and equitable approach to fuel pricing.
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