The Government of Dominica has given the green light to a reduction in the prices of petroleum products.
This move comes after an extensive review of prices for the regulatory cycle spanning from November 27 to December 15, 2023.
The decision to alleviate the financial burden on citizens is poised to take effect on December 27, 2023, and promises to usher in the New Year with welcome relief at the pumps.
Gasoline: A reduction of 2.4 per cent
Effective December 27, 2023, motorists can expect a drop in the retail price of gasoline.
The new rate will stand at a wallet-friendly $13.91 per gallon, marking a notable reduction of $0.34 per gallon or approximately 2.4 per cent.
This price cut offers a glimmer of hope to drivers who have been grappling with escalating fuel costs.
Diesel: A 6.2 per cent decrease
The new rate for diesel will be an economical $13.41 per gallon, representing a substantial decline of $0.89 per gallon or a substantial 6.2 per cent.
This reduction promises to ease the financial burden on those relying on diesel for their daily transportation needs.
Kerosene: An 11 per cent reduction
Kerosene users will also witness a noteworthy drop in prices, providing some financial relief during the holiday season.
The cost of kerosene will be revised down to a budget-friendly $11.32 per gallon, marking a substantial reduction of $1.41 per gallon or a significant 11 per cent.
Market dynamics drive price adjustments
The decrease in commodity prices can be attributed to recent developments in the global energy market. Specifically, the increase in US crude oil production has triggered a surge in inventory available on the market, leading to a downward pressure on prices.
The Government of Dominica says it will continue to create measures to mitigate inflation and cushion the impact of adverse market forces on consumers.
