Gregory Georges, CEO of West Indies Oil Company
Chief Executive Officer of the West Indies Oil Company (WIOC), Gregory Georges, says Antigua and Barbuda is already feeling the effects of rising global oil prices, confirming to Antigua.news that a recent fuel shipment arrived at significantly higher costs.
According to Georges, the sharpest increases have been recorded in diesel and jet fuel, reflecting the impact of the latest surge in the international energy market.
He spoke to Journalist Shermain Bique Charles on Monday.
The development comes as Brent crude jumped more than 9 per cent on Friday to surpass US$93 per barrel, marking the highest level since the autumn of 2023 and sparking concern about potential economic fallout for import-dependent countries like Antigua and Barbuda.
The spike in oil prices follows a stark warning from Qatar’s Energy Minister, Saad Sherida Al-Kaabi, who told the Financial Times that the escalating conflict in the Middle East could force Gulf oil and gas exporters to halt production within days.
Al-Kaabi cautioned that disruptions to key shipping routes and energy supplies could pose a systemic threat to the global economy.
For Antigua and Barbuda, which relies heavily on imported petroleum products for electricity generation, transportation and aviation, sustained increases in global oil prices could place additional pressure on fuel costs, electricity rates and the overall cost of living.
I think we knew this was coming. Hold tight Antigua. The storm is far from being over
As expected. Even after explaining why the prices will go up some people will talk find a way to blame Gaston.
Let’s just brace ourselves
Boy Antigua can’t catch a break eh. Every time oil price jump overseas we feeling it right here at the pump.
Diesel and jet fuel going up again? That mean everything else going follow food, bus fare, electricity.
Antigua small and dependent so once global price move we in trouble. Government really need to push more renewable energy.
We expect prices to increase based on whats happening on the international market. We dont expect anyone to come here and blame gaston browne.
The blame still rest in the Government. Why? because when prices fell internationally, ours always remained at the last elevated price adjustment. Fuel prices in Antigua and Barbuda only goes in an upward direction.