WIOC reports another increase in wholesale cost of gas and decrease for diesel, but no move in prices at the pump

In its most recent update on fuel prices, the West Indies Oil
Company (WIOC) Ltd. is reporting an increase in the wholesale cost
of gasoline and a drop in the price of diesel.

WIOC says there has been a 5 percent increase in the cost of gasoline
and a 3 percent decline in diesel.

However, the Government says that, based on the refined pass-
through mechanism for fuel prices, it has decided to maintain the
retail prices at the pump.

As a result, from Wednesday, April 17, 2024, fuel prices will remain
the same, as will the price for LPG gas.

In March WIOC had announced a 7 percent increase in the cost of
gasoline and a 2 percent decline in the cost of diesel.
 
At that time, the Government decided to adjust retail prices; and, on
March 22, it increased the price for gas – from $13.99 to $14.50 per
gallon – while the price for diesel remained at $14.25 per gallon.
 
This second decline in the cost of diesel means it is also the second
time that the reduction has not been passed on to the consumer.
Hence, observers note that the Government has lost nothing on the
wholesale increase on gasoline.

Again, the Browne Administration is justifying its position by stating
that the average regional prices for gasoline, diesel and LPG are
above those charged locally.
 
It notes that the margins for WIOC, inland transport, and gas station
dealers remain unchanged.