Effective Monday, January 4, 2016, customers will see a reduction in the wholesale and retail prices of petroleum products, the Ministry of Trade has announced.
Director of Trade, Matthan Walter said for gasoline there is a decrease of 33 cents, 48 cents for diesel and, 40 cents decrease for kerosene.
This means the price of gasoline has dropped below $10 to $9.85 per gallon from $10.18 per gallon
Walter said Dominica hasn’t had such a significant decrease in the price of fuel in the last five years.
“In the last five years there has never been a decrease of the petroleum products, most especially gasoline, and diesel below the price of $10,” he noted.
For diesel, the retail price is now $8.72 per gallon from $9.38.
The retail price of kerosene now stands at $7.53 per gallon from $7.93.
“So it’s a significant change and the hope is that the consumer of those products would realize a decrease as it relates to the cost of commuting from one place to the next, obviously on their own vehicles, for the time being,” Walter stated.
He went on to say that in the area of Liquid Petroleum Gas (LPG), there is a decrease of 74 cents in the 20lb cylinder; $1.02 cents in the 27.5 lb cylinder; $1.11 cents decrease for the 30lb cylinder and $3.69 decrease in the 11lb cylinder (see full prices below).
Walter explained the drop in prices, noting that usually there is a four week, five-day calculation and on average the price of a barrel of oil is $37.03 cents on the international market.
“Previously we had an average of $42.65, so there has been a decrease of the oil product on the world market…,” he explained. “The fact that we are using postings that are as close as possible to the world prices, we would have an immediate impact on the local market for the prices of the petroleum products.”
He pointed out that a decrease in the prices of bus fares are not expected “but we would also hope to realize a decrease, for example, in our electric bills.”
And according to him, the decrease in the price of diesel, with all variables being considered, usually constitutes some decrease in the amount that “we pay for the electricity product over that period of time.”
For Liquid Petroleum Gas (LPG) cooking gas the new prices are:
20 lbs cylinder – $24.02 (was $24.76)
27.5 lbs cylinder – $32.65 ($33.67)
30 lbs cylinder – $35.53 ($36.64)
100 lbs cylinder – $115.09 (was $118.78)
20 lbs cylinder $23.02
27.5 lbs cylinder $31.65
30lbs cylinder $34.53
100 lbs $115.09