Fuel prices to increase from Friday

The West Indies Oil Company (WIOC) announced an increase in the prices of gasoline and diesel. According to the report, the cost of gasoline has risen seven percent, while the cost of diesel has declined two percent.

This price adjustment has been made following the refined pass-through mechanism for fuel prices, which considers various factors such as revenue assurance, price stability, and maintenance of subsidies for certain petroleum products.

To reflect this change, the Government has decided to adjust the retail prices at the pump. These new prices will come into effect on Friday, 22nd March 2024.

As per the latest rates, gasoline will now cost $14.50 per gallon, while diesel will cost $14.25 per gallon. The prices for LPG cylinders have also been updated, with a 20-pound bottle now costing $32.00, a 25-pound bottle costing $40.00, and a 100-pound cylinder costing $155.00.

The average regional prices for gasoline and diesel are currently $15.45 and $15.91, respectively. Furthermore, the regional average for the 20-pound and 100-pound cylinder of LPG is $38.28 and $202.15, respectively.

To ensure that the consumers can still afford fuel, the Government continues to provide subsidies for certain petroleum products. For instance, there is a subsidy of $5.16 per bottle for 20-pound LPG, $6.45 per bottle for 25-pound LPG, and $17.64 per cylinder for 100-pound LPG.

It is essential to mention that the margins for WIOC, inland transport, and gas station dealers will remain unchanged. The Government has taken this step to avoid any financial burden on the people and ensure that the prices remain affordable.