Price of Fuel to go Lower
There is every chance that the price of fuel here may be further reduced ahead of the three month pass through mechanism adopted by the government. The last adjustment was on January 12, 2015.
A release from the office of the Prime Minister, received by the STAR Friday morning, states that the prime minister has assured “that the prices of petroleum products will be further reduced when the next adjustments are made”. According to the statement: “In an interview with HTS News Force on Thursday, January 22, 2015, the Prime Minister indicated that the only outstanding question is the timing of the adjustments.” According to Dr. Anthony, the Ministry of Finance is monitoring the cost of fuel closely on the world market, to determine whether the time period for the next adjustment will be shortened.
“I want to reassure Saint Lucians that the next time prices are adjusted they will see a downward movement again in the price of both gasoline and diesel. It is inevitable because in recent times there has been no upward movement in the price of fuel. The only outstanding question as I indicated in the address to the nation is whether we maintain the three months adjustment period or reduce the adjustment period to eight weeks or even six weeks. We will be looking at the figures to resolve that issue,” the release quotes the PM as saying.
There had been calls by the opposition UWP and others for the government to revert to a monthly system of adjusting the price of gas. The last price adjustment which went into effect on Monday January 12 saw a reduction in the prices of gasoline, LPG, diesel and kerosene.
The price of fuel at the pumps is expected to be reduced further.