Consistent with the statements of the Prime Minister and Minister of Finance, Economic Affairs, National Development and Social Security, Dr. Kenny D. Anthony, that at the next fuel price adjustment consumers will experience  reductions,  the Government of Saint Lucia is pleased to announce  reductions in fuel prices and propane gas.

This decision follows a review of the three month pricing mechanism announced by the Prime Minister in his address to the nation. In that address, the Prime Minister stated: “If the price of a barrel of oil declines even more sharply in the next few weeks, it may well make sense to adjust the period of calculation from a period of twelve weeks to eight weeks or even less in the short term.”

Having reviewed the movement of prices in the last few weeks, the Government has decided that it makes sense to adopt a flexible approach to deal with the uncertainty that prevails in fuel prices. In this current period of lower fuel prices, the Government will apply the pass through mechanism every three weeks to allow consumers to benefit from any further downward movement in prices.  However, if prices show an upward movement, the Government will consider reverting to the three month pass through mechanism or a variation of it to restore greater stability in prices as it had done so successfully in the past three years.

The price of unleaded gasoline will decline from $13.65 to $10.65 a gallon, a saving of $3.00. The price of diesel will fall from $13.21 to $11.07 a gallon , a decline of $2.14. The price of kerosene remains unchanged at $10.11.

Reductions will also occur with propane gas. The price of 20lb cylinder will reduce from $32.89 to $24.20, a reduction of $8.69. A 22lb cylinder will now cost $27.01, reduction of $13.99 from the original price of $41.00. The price of a 100lb cylinder will decline from $235.77 to $192.33, a reduction of $43.44.

The table below summarizes the price adjustments:

The Government  urges consumers to make use of the reductions in the prices of propane gas as it is unknown how long this respite in prices will last.

These reduced prices will continue to attract the Excise Tax Rate of $2.50 as announced in the last Budgetary Statement.

The Government wishes to emphasize to consumers that prices remain highly unpredictable. In recent times, there has been an upward movement in prices but as of now there is mounting uncertainty whether prices will fall further or begin to rise again. The situation will have to be closely monitored in the days ahead.