No increases in prices of petroleum products prior to end of year

Based on the current market conditions there will be no increases in the prices of petroleum products in Dominica before the end of 2023.

This was according to Director of Trade Matthan Walter while delivering a statement on Tuesday.

He stated that on December  4, 2023 prices for all products were decreased across the board.

“Gasoline decreased by $ 1.91 cents per gallon, from $16.16 to $14.25 per gallon. High Sulfur Diesel or HSP decreased by $1.08 cents from $15.38 per gallon to $14.30 per gallon and lastly, Ultra-Low Sulfur Diesel (ULSD) decreased by $1.29 cents per gallon from $16.20 to $14.91 per gallon,” he revealed. “These are the current prices at the petroleum stations across the island.”

This he said was due to failures by some Organization of the Petroleum Exporting Countries (OPEC) members to meet production targets, “and of course a sizable inventory bill in the United States Crude Stock Reserves.”

“These from the above compounded and allowed for decrease in the price of crude oil which is used to produce or manufacture our gasoline and diesel used here on island,” Walter explained.

Additionally, Walter indicated that this status quo will not change before the year ends, “instead, the United States crude production continues to increase causing a surge of further increase in entries of petroleum products on the global market.”

He went on to state that the diesel resultant market changes have made it rather difficult for the OPEC members to deliver on its promise to voluntarily cut production which would have increased the price of petroleum products and reduced the inventory or amount of crude oil on the global market.

“It is therefore clear that based on the current market conditions there will be no increases in the prices of our fuel prior to the end of 2023,” he revealed. “This is very good news for our commuters and our stakeholders during this festive season.”

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