There has been a drop in the rolling three month average for petroleum products in St Vincent and the Grenadines.
Prime Minister Ralph Gonsalves on Sunday said an official announcement would be made on Monday, 24 January by Ministry of Finance officials.
“Persons will get a slight relief from Monday 24 for the price of gasoline, diesel and low sulphur diesel, not significant numbers, but its good to see after the three-month rolling average an assessment has been made by the Ministry of Finance”.
“I want to explain we introduce the measure, okay. Many years ago when it went up, it stayed up, and the public did not get relief when it came down. But we do it in this way so the citizens can benefit”.
“With the three months rolling average, you put the freight and insurance, the customs service charge, the company margin and the retailer’s margin; there is no mystery to it; we work it out”.
“When someone complains that Ralph raises the price, it’s not me; we have a formula, and it’s not a good policy to subsidise fuel; in fact, it’s a bad idea. It’s something which you have to use carefully because it’s an expensive imported commodity”.
Gonsalves said the only time the government had to subsidise fuel was in the period after June 2008 when the price went up internationally; crude oil went to over 147 US dollars per barrel.
Gasoline at the pumps across St. Vincent and the Grenadines is currently $14.72 per gallon.
Gonsalves was speaking on WEFM Issue at Hand program on Sunday 23 January 2021.
