CASTRIES, St. Lucia, Tuesday November 6, 2012 – St. Lucians are from Monday paying more for petroleum products despite a Cabinet decision to absorb 30 per cent of the increases in import prices for gasoline and diesel.
A statement from the Office of the Prime Minister said that in keeping with the Modified Market Pass Through Mechanism introduced in May 2012, the price of gasoline has increased by EC$0.16 cents (One EC dollar = US$0.37 cents) to EC$3.41 per litre or EC$15.49 per gallon from November 5 to January 27, 2013.
It said that the cost of diesel had also increased from EC$3.25 per litre to EC$3.38 per litre or EC$15.36 per gallon.
The cost of kerosene is now EC$2.72 a litre, up from EC$2.54, while the price for a 100 pound cylinder of liquefied petroleum gas (LPG) has increased to $269.48 from to $254.93.
But the Kenny Anthony government said that the price of the 20 pound LPG cylinder remains unchanged at EC$34.20.
It said that while the import prices of gasoline and diesel for the period July 23 to October 12, this year had increased by 9.2 per cent and 8.4 per cent respectively, Cabinet had agreed to absorb 30 per cent of the increases in import prices for these two products.
“The tax rates on both kerosene and the 100 pound cylinder will be zero. In addition, Government will bear the full cost of the increases in the import price of the 20 pound LPG, resulting in an increase in the subsidy from $16.88 to $19.70.
The statement said that despite these increases, fuel prices in St Lucia remain among the lowest in the Eastern Caribbean countries for most products. (CMC) Click here to receive free news bulletins via email from Caribbean360. (View sample)