FUEL PRICES ADJUSTMENT

On Friday October 3, 2008, the Government of Dominica announced new reduced retail prices of $14.32, $12.98 and $12.89 per gallon, for gasoline, diesel and kerosene respectively, reflecting the actual price charged for the last shipment of fuel imported into Dominica on September 22, 2008.

The price of gasoline was reduced by 2.5% or 36 cents per gallon below the previous level of $14.68, diesel decreased 11% or $1.60, while kerosene dropped 59 cents. The cut in fuel prices comes as a result of recent declines in world oil prices, which are down about US$51.00 from an all-time high of above US$147.00 a barrel seven (7) weeks ago.

 

It is the third time the government has cut fuel prices since prices increased in mid June, on the back of soaring crude oil prices.

 

On August 21, 2008, the government reduced the price of gasoline, diesel and kerosene by 3.1, 1.8 and 2.4 percent respectively, in an effort to bring some intermediate relief to consumers. The price of gasoline was reduced from $15.69 to $15.20 per gallon, diesel decreased from $15.97 to $15.68, while kerosene dropped from $14.87 to $14.51 per gallon. Prices were reduced again on August 28 to $14.68 per gallon, a 3.4% drop, for gasoline, while diesel was reduced to $14.58, and kerosene, used for cooking, fell from $14.87 to $13.47 per gallon. This price reduction came as oil prices continued its declining trend throughout the month of August.

 

The general public is being reminded that government continues to maintain a zero percent imposition of the customs service charge applicable on petroleum products, and has done so since March 31, 2008. If the 3% customs service charge were to be applied the current prices for gasoline, diesel and kerosene would, in fact be, $14.62, $13.26 and $13.21 per gallon, respectively.

 

Government wishes to assure the public that if the price of oil on the international market continues to fall, it will endeavor to pass these reductions on to the price at the pump.

-End-

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.