Fuel Products to cost less in Antigua and Barbuda, gasoline, diesel prices decline

The retail price of the fuel products in Antigua and Barbuda is all set to cost less compared to the average price offered in the region.

Fuel Products to cost less in Antigua and Barbuda, gasoline, diesel prices decline
Fuel Products to cost less in Antigua and Barbuda, gasoline, diesel prices decline

Antigua and Barbuda: The retail prices of the fuel products in Antigua and Barbuda are all set to cost less as compared to the average price offered in the region. The price of gasoline and diesel in the country will be $14.50 per gallon and $14.25 per gallon, while the average regional prices are $15.86 and $15.91 respectively.

The new prices of the fuel products will come into effect on Wednesday, April 17, 2024, in Antigua and Barbuda. The government stated that despite the hike in the prices across the region, they decided to maintain them at the pump.

Further, the price of 20-pound LPG and 25-pound LPD will be $40.00 per bottle and $32.00 per bottle in Antigua and Barbuda. However, the average regional prices for 20-pound and 100-pound cylinders of LPG will be $38.66 and $204.18, respectively.

The 100-pound LPG cylinder will cost $155.00 per cylinder in Antigua and Barbuda.

As per the West Indies Oil Company, the cost of gasoline has increased by five percent, and diesel has declined by three percent. In this scenario, the government has adopted the mechanism for fuel prices, which will be taken with the considerations of account revenue assurance, price stability, and maintenance of subsidies.

In addition to that, the government of Antigua and Barbuda will also provide subsidies on several rates of fuel products, which will be for the affordability of the consumers. A subsidy of $5.16 will be given for 20 Pounds of LPG cylinder, which will be available per bottle. The subsidy on the 25 Pounds of LPG cylinder per bottle will be given $6.45.

The subsidy of $17.64 will be given on 100 pound LPG per cylinder. However, the margins for WIOC, inland transport and gas station dealers will not change.

Prime Minister Gaston Browne expressed pleasure and stated that the government has been working to maintain the rates of the fuel products which further effects the prices of the goods and services across the country.