Castries, Saint Lucia: The government of Saint Lucia outlined various policies to fight inflation. Prime Minister Philip J Pierre and his administration have taken decisive actions to ensure the costs of everyday items like retail cooking gas and petrol throughout the region.
PM Pierre stated, “My administration has taken decisive actions to ensure that the costs of everyday items like retail cooking gas, petrol, and price-controlled goods do not escalate to the levels seen throughout the region.”
To date, the government has spent $9 million to subsidize cooking gas which has prevented exorbitant price increases. The subsidized 20 and 22-pound cylinders of cooking gas cost $45.27 and $49.79, respectively. Without the subsidies by the government, the retail prices for the 20 and 22-pound cylinders of cooking gas would cost $72.90 and $80.18, respectively.
More than $22 million in potential revenue collection on petroleum imports has been sacrificed to keep retail fuel prices low.
For the first time, during this fiscal year for the period, July 4th – July 24th, 2022, importers of petroleum products had to be refunded $1 million to fully offset the negative excise tax which was incurred due to high imported prices. This was to allow for lower retail prices.
Price-controlled goods are 6% cheaper due to the government’s decision to suspend the service charge amidst rising global inflation.
Importation costs of flour, rice, and sugar have significantly increased on the international market. To keep prices down for local consumers, the government has absorbed the increased costs to the tune of $9.8 million.
Government pensioners have each received a $500 direct deposit from the government to supplement and strengthen their spending power in the face of rising consumer prices.
Anglina Byron, developed a deep-seated passion for journalism. Anglina is recognized for her tenacity, strength, and unwavering commitment to delivering honest and reliable news across the Caribbean. She covers general affairs of the region.