Prime Minister Gaston Browne says the government of Antigua and Barbuda has been absorbing part of the impact of rising global fuel prices in an effort to limit increases in the cost of living.
Speaking on his weekend radio programme, Browne said higher fuel costs typically drive up transportation, groceries and other imported goods. However, gasoline prices in the twin-island nation have remained at $14.25 per imperial gallon, with the government reducing the amount of consumption tax collected on fuel to keep prices stable.
“We have decided to take less in taxes to maintain stability in the pricing,” Browne said, adding that the government also absorbed losses during previous global price spikes, including those linked to the Russian invasion of Ukraine.
Chief Executive Officer of the West Indies Oil Company, Gregory Georges, confirmed that a recent fuel shipment arrived at significantly higher prices, with the steepest increases affecting diesel and jet fuel as global energy markets tighten.
Browne said while the government intends to continue cushioning consumers from rising fuel costs, sustained global disruptions could eventually force price adjustments.
