The Cabinet of Ministers, at a special meeting on Tuesday April 10, 2012, approved the following retail prices of fuel in Saint Lucia to take effect on Monday April 16, 2012:
Gasoline will increase from $3.30 to $3.36 per litre ($15.30 per gallon);
Diesel will increase from $3.37 to $3.39 per litre ($15.42 per gallon);
Kerosene will remain unchanged at $6.00 a gallon
100 pound and 20 pound cylinder LPG will also remain unchanged at $254.93 and $35.99 a cylinder respectively Cabinet’s decision follows recent increases in international oil prices which have impacted on the cost of importation of fuel to Saint Lucia. In approving these increases, the Cabinet has also agreed to reduce the Excise Tax which it collects on each gallon of gas. With the price adjustments, the rate of Excise Tax on gasoline will be reduced to $1.28 a gallon from $1.60 a gallon and that of diesel will also be reduced to $1.92 from $2.04 a gallon.
In order to reduce the full impact of the price increases to consumers, Government has decided to absorb half of the increase in gasoline and diesel prices and to pass the other half on to consumers. If the full price adjustments were to be passed on to consumers, this would have resulted in the retail prices of these two products increasing to $3.44 per litre (15.62 a gallon) and $3.42 per litre ($15.54 a gallon) respectively. The decision to absorb half of the price increases translates into a reduction in tax revenue on gasoline and diesel.
It should also be noted that the decision to keep the retail prices of the 100 pound and 20 pound LPG unchanged translates into subsidizing the prices of both products at $20.81 and $19.16 a cylinder respectively.
The Government has also agreed to honour a previous undertaking given by the former Government to the Petroleum Dealers Association and the main importers of fuel, Sol EC Ltd and Rubis West Indies Ltd, for retail and wholesale margin increases. The agreement, which took effect in September 2011, provides for increases in the wholesale margin of 5 cents a gallon for gasoline and 3 cents a gallon for diesel and a further increase of 5 cents a gallon on gasoline only effective April 9, 2012. The agreement also provides for increases in the retail margin of 10 cents a gallon for gasoline and 6 cents a gallon for diesel effective September 2011 and a further 5 cents a gallon for gasoline only effective April 9, 2012. The agreement stipulates that no margin increases will be considered by the Government of Saint Lucia during the period up to March 2014.
The pending price adjustments include these margin increases.
The public should also note that even with the price adjustments the retail prices of gasoline and diesel will still remain within the mid-range of fuel prices among the OECS countries.
The table below shows Retail Prices of Fuel in the ECCU (as of March 28, 2012):
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