The Government of Antigua and Barbuda currently owes the West Indies Oil Company (WIOC) more than EC$6 million after absorbing rising fuel costs in an effort to keep gasoline and diesel prices stable for consumers.

That’s according to the country’s finance minister and prime minister Gaston Browne

Browne said his administration has deliberately subsidized petroleum products for months despite significant increases in global oil prices.

“We have been paying WIOC to keep prices under control. Right now we owe the company over $6 million,” he said.
According to the Prime Minister, the Government has chosen to absorb these costs rather than passing the full increases onto consumers.

He explained that under normal circumstances fuel price adjustments would have resulted in higher costs at the pumps.

“This is a very benevolent position taken by my administration to contain the price of diesel and gasoline for the benefit of the people, but it is hurting us financially,” Browne said.

The Prime Minister noted that Antigua and Barbuda currently has some of the lowest fuel prices in the Caribbean despite ongoing volatility in international energy markets.

He said the policy reflects his administration’s commitment to protecting consumers and businesses from sudden price shocks while maintaining economic stability.

Browne warned, however, that prolonged increases in international oil prices could make it increasingly difficult for the Government to sustain the subsidies indefinitely.