There is expected to be another drop in the retail price of gasoline, as reports say the commodity will fall by just over a dollar per gallon on Wednesday, September 7.
From $16.57 per gallon, the price is to be reduced by $1.03 – which means that motorists will be paying $15.54 per gallon.
The Browne Administration says it is now able to pass on a fall in the price of imported fuel to motorists.
However, it has been several weeks since the cost of a barrel of oil fell significantly on the international market and since the United Progressive Party and local consumers called on the Government to lower the price.
Prices were reduced on July 19, cutting 93 cents off the $ 17.50 per gallon that consumers were paying at that time.
Meanwhile, motorists who operate diesel-fueled vehicles will continue to pay $16.79 per gallon, as there is no new reduction in that price. In July, it was dropped by a mere 46 cents.
While the next shipment of diesel has gone up in price, the Government says, it will subsidize the cost.
In the meantime, Prime Minister Gaston Browne claims the Government has not collected any consumption-tax revenue from the West Indies Oil Company Ltd., but instead has spent about $1 million to subsidize the price.
Earlier this year, the price of fuel increased twice within months – in March, with a hike of over $3, and then in June, when a gallon of gas went from $15.15 to $17.50, and the price of diesel increased from $15.50 to $17.25 per gallon.