The Government of Dominica continues to implement measures to keep fuel prices under control as the global price of oil continues to rise.
Given the present global market prices and this new price cycle, the Government has decided to further subsidize the cost of petroleum to reduce the impact on residents and to allow for sustainable economic activities.
The Ministry of Trade and Commerce’s price analysis, for petroleum products, projected the following prices for the upcoming adjustment cycle:
The government will continue applying a waiver of the Customs Service Charge on gasoline and diesel and the granting of the subsidy of EC $0.21 cents per gallon on diesel.
Further, due to a greater increase in the global price for gasoline the Cabinet approved an increase in the subsidy on this product from EC$0.60 cents per gallon to EC$0.85 cents per gallon with immediate effect until the retail price of each product returns to below EC $15.00 per gallon.
Without the Government’s intervention by way of waivers and subsidies, the retail price of gasoline would be $20.43 and Diesel $18.14. The implementation of the measures will result in continued revenue loss to the state. However, the Government of Dominica remains committed to actions to cushion the impact of escalating world fuel prices and the current inflationary increases affecting basic household items.
The government will continue applying a waiver of the Customs Service Charge on gasoline and diesel and the granting of the subsidy of EC $0.21 cents per gallon on diesel. Further, due to a greater increase in the global price for gasoline the Cabinet approved an increase in the subsidy on this product from EC$0.60 cents per gallon to EC$0.85 cents per gallon with immediate effect until the retail price of each product returns to below EC $15.00 per gallon.
As a result, the retail prices for the products, with immediate effect, are as follows:
Gasoline: EC$18.66 per gallon
Diesel: EC$17.13 per gallon
Kerosene: EC$16.67 per gallon
Without the Government’s intervention by way of waivers and subsidies, the retail price of gasoline would be $20.43 and Diesel $18.14. The implementation of the measures will result in continued revenue loss to the state. However, the Government of Dominica remains committed to actions to cushion the impact of escalating world fuel prices and the current inflationary increases affecting basic household items.
SOURCE: PRESS STATEMENT
