PRESS RELEASE 103/13 For Immediate Release October 28, 2013 PETROLEUM PRICE CHANGE The public is hereby notified that in keeping with the schedule of price changes under the modified market pass-through system, petroleum prices will be adjusted today, Monday, October 28, 2013. The retail price of fuel products will be amended as follows: PETROLEUM PRODUCTS OLD RETAIL PRICES NEW RETAIL PRICES Gasoline moves from $3.50 per litre or $15.89 per gallon to $3.59 per litre or $16.30 per gallon Diesel from $3.38 per litre or $15.35 per gallon to $3.46 per litre or $15.71 per gallon Kerosene from $2.44 per litre or $11.11 per gallon to $2.58 per litre or $11.72 per gallon 100 Pounds Cylinder LPG from $253.75 per 100 pound cylinder to $259.53 per 100 pound cylinder 20 Pound Cylinder LPG from $35.75 per 20 pound cylinder to $36.93 per 20 pound cylinder Bulk LPG from $5.42 per kilogram to $5.55 per kilogram Had the Government applied the full change to the public, the retail price for Gasoline would have been $16.71, as opposed to the current $16.30 per gallon. However, the Government of Saint Lucia has decided on a 50/50 percent sharing of the increase in international fuel prices between the Government and consumers. As a result Government’s excise tax revenue per gallon of gasoline and diesel will be reduced by 41 cents and 28 cents respectively over the next 3 months, i.e. October 28, 2013 to January 20, 2014. Further, the level of subsidy provided by the Government on the 20 pound cylinder of cooking gas (LPG) has increased from $15.00 to $16.13 per cylinder for the next three months. By absorbing half of the increase in international fuel prices, Government will therefore be foregoing total revenue of approximate $4.2 million over the next 3 months. The public is further notified that the next price adjustment will be due on January 20, 2014. End.
Posted on: Mon, 28 Oct 2013 15:32:30 +0000
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