Prime Minister and Min. of Finance Hon. Philip J. Pierre has taken decisive action to ensure the costs of everyday items like retail cooking gas, petrol and price-controlled goods do not escalate to the levels seen throughout the eastern Caribbean.
To date, government has spent $9 million to subsidize cooking gas which has prevented exorbitant price increases.
More than $22 million in potential revenue collection on petroleum imports has been sacrificed to keep retail fuel prices low.
Local petroleum importers collect more than $1 million every 3-4 weeks from government to ensure Saint Lucian consumers pay the lowest retail prices.
Price-controlled goods are 6% cheaper and more affordable due to government’s decision to suspend the service charge.
Importation costs of flour, rice and sugar has significantly increased on the international market. To keep prices down for local consumers, government has absorbed the increased costs to the tune of $9.8 million.
Pensioners have each received a $500 direct deposit from government to supplement and strengthen their spending power in the face of rising consumer prices.
