PM announces reduction in petroleum products in national address
|
|
|
Contact: Julita Peter
Wednesday, 26 November 2008 – Prime Minister Hon. Stephenson King has announced an adjustment in the retail price of petroleum products on the island, effective midnight December 1st, 2008. The Prime Minister made the announcement in an address to the nation Tuesday evening.
“Unleaded gas will be reduced from $12.75 to $11.50 per gallon, representing a reduction of $1.25 per gallon; Diesel will be reduced from $12.75 to $12.00 per gallon, a savings of 75cents per gallon; Kerosene will be move from $11.10 to $6.00 per gallon, a reduction of $5.10; Households will realize savings in cooking gas as the price of the 20 pound cylinder, will be reduced by $5 from $33 to $28 and the 100 pound cylinder will fall by $11 to $199 from $210; Bulk LPG will be reduced from $2.45 to $2.40 per pound, representing a savings of five cents per pound,” said the Prime Minister.
Prime Minister King said the new reductions in fuel prices currently place Saint Lucia below the ECCU average, which was $12.29 a gallon for gasoline and $13.32 for diesel as at November 21, 2008. With this change, he added, the price of diesel in Saint Lucia will also be the second lowest in the region.
“To date, the Government has resisted what may have been an immediate and premature response to the drop in global oil prices. We sought instead to monitor the situation, whilst exercising prudent management of the Government’s finances. Government’s ability to implement this year’s budget has been adversely affected by its decision to continue to subsidize fuel, when oil prices were increasing. Government’s revenue has also been eroded by slower than expected economic growth, further exacerbated by the global financial crisis,” he said.
The Government of Saint Lucia last increased the domestic retail prices of petroleum products on January 14th, 2008, when international oil prices were approaching US$100 per barrel. However, in recent months, oil prices have been plummeting, falling below US$50 a barrel last week –the lowest price in three years.
It is anticipated that with the reductions in fuel prices, consumers will benefit further from cheaper costs for other goods and services. |
|
© 2008 Government Information Service. All rights reserved. Read our privacy guidelines. |
