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Contact:
Office of the Prime Minister
Tuesday, October 21, 2008 – The Cabinet Sub Committee on the Economy met
on Monday 20th October 2008 to discuss the volatility of oil prices on the
global market and to explore the various options open to Government in order to
determine the way forward for the price of fuel at the pumps.
The Committee noted that the government over the last two years has subsidized
significantly the price of fuel. Figures released by the Ministry of Economic
Affairs indicate that for fiscal year 2007/2008 the net subsidy was 8.4 million
dollars, while so far this year the value is some thirteen (13) million dollars.
The Committee also noted, that while there have been increases in the price of
fuel as a result of skyrocketing global prices, Saint Lucia still enjoys one of
the lowest prices of fuel in the region despite the fact that some countries
have lowered their prices.
The Cabinet Sub Committee on the Economy has directed the Ministry of Economic
Affairs to conduct a study to show the full implications of the various options
open to government in order to move forward on this issue.
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