The Cabinet has decided that the prices of fuel at the pumps will remain unchanged for now – at $15.70 per gallon for gasoline and $15.50 per gallon for diesel – as Russia’s war against The Ukraine continues.
This decision was taken as the price of oil on the world market has been trending upwards for several weeks, with the cost per barrel surpassing US$120, the Cabinet says.
The Cabinet is justifying its $3-plus increase by saying the prices in Antigua and Barbuda remained the same, while other countries in the region have incrementally increased theirs for several years.
This reportedly was done to ensure “there is stability and predictability in the cost of fuel, an approach that ensures prices for other commodities such as food remain stable.”
“In fact, before the recent rise in the cost of fuel at the pumps, this country enjoyed the lowest fuel prices in the OECS,” the Cabinet Notes claim.
The Executive says it will continue to monitor the price of fuel on the international market and will adjust the price downwards when the price per barrel permits a reduction at the pumps.
Prime Minister Browne had indicated that prices could be reduced when the next shipment arrives in the country.