Customers of petroleum products will see a slight decrease in gasoline, diesel and kerosene prices while Liquid Petroleum Products (LPG) has risen slightly.
The new prices took effect Monday, December 7, 2015.
Director of Trade, Matthan Walter, told Dominica News Online that the price of gasoline went down by 11 cents; diesel by 18 cents and kerosene by 10 cents.
In terms of LPG, there has been a 17 cents increase for the 20 lbs cylinder; a 27.5 lbs cylinder increased by 24 cents; 30 lbs cylinder increased by 26 cents and a 100 lbs cylinder rose by 84 cents.
“We recognize over a four-week period there was a decrease in the prices of the barrel of oil on the world market. So previously the barrel of oil was $46.25 but as of the last time that we did the calculations to enforce the new prices, it is $42.65,” he said.
According to him, following an Organization of Petroleum Exporting Countries (OPEC) meeting, the OPEC countries decided not to decrease the production of petroleum products, so the price for a barrel of oil decreased drastically to just below $40 a barrel.
“So for that reason we stand to experience a relatively stable price of fuel on the lower side of the scale,” he said.
The following are the prices for fuel prices before and presently.
Was $10.29 per gallon
Now $10.18 per gallon
Retail Was $9.38
Now$9.20 per gallon
Retail Was $ 8.03 per gallon
Now $7.93 per gallon
Meantime Walter explained the rise in LPG prices.
“What we have realized over a period of time, the makeup of LPG is propane and butane and so the two have to be mixed to make up the LPG product,” he stated. “There have been slight increases, about 1.5 percent change in the butane product, and that may have the impact of causing a slight increase in the price of the LPG during this adjustment period.”
He noted that gone are the days when gas cylinders were as high as $38 and $37.
“So we have come a long way in relation to prices of those products and I think that is of tremendous benefits to the cooks at home and to all the persons who are using LPG products,” he said.
Liquefied Petroleum Products (LPG) prices are as follows:
20 LBS cylinder
27.5 lbs cylinder
30 lbs cylinder
100 lbs cylinder