The Government of Antigua and Barbuda has decided to absorb a recent hike in gasoline prices reported by the West Indies Oil Company (WIOC), maintaining stability at the pump for consumers despite market fluctuations.
According to the latest figures from WIOC, gasoline prices have surged by five per cent, while diesel prices have seen a modest decline of three per cent.
However, rather than passing on these cost adjustments to consumers, the government has opted to uphold current retail prices.
Government’s rationale: Balancing act for stability
In an official statement, the government elucidated its rationale behind this decision, citing the implementation of a refined pass-through mechanism for fuel prices.
This approach, the statement asserts, prioritizes revenue assurance, price stability, and the preservation of subsidies for specific petroleum products.
Retail prices unchanged
Consequently, consumers in Antigua and Barbuda can expect no immediate changes to fuel prices at the pump. Gasoline will remain priced at $14.50 per gallon, while diesel will stay at $14.25 per gallon.
Similarly, prices for Liquefied Petroleum Gas (LPG) will remain steady, with 20-pound cylinders priced at $32.00, 25-pound cylinders at $40.00, and 100-pound cylinders at $155.00. It is worth noting that just last month, the price of gasoline experienced an uptick from $13.99.
Antigua and Barbuda’s competitive edge
In comparison to regional averages, Antigua and Barbuda’s fuel prices hold a competitive edge. Currently, the average regional prices for gasoline and diesel stand at $15.86 and $15.91 respectively.
LPG prices for the 20-pound and 100-pound cylinders in the region average $38.66 and $204.18 respectively.
Subsidies for LPG
To alleviate the burden on consumers, the Antiguan government continues to provide subsidies for LPG.
These subsidies include $5.16 per bottle for 20-pound LPG, $6.45 per bottle for 25-pound LPG, and $17.64 per cylinder for 100-pound LPG.
