GOVERNMENT ANNOUNCES ANOTHER REDUCTION IN FUEL PRICES

On Tuesday, January 13, 2009, the Government of the Commonwealth of Dominica will cut the price of gasoline by 8.8% or 80 cents to $8.29 a gallon due to a drop in global oil prices. The diesel price will also fall by 12.9% or $1.30 to $8.74 a gallon to take effect on the same day, while the price of kerosene will decrease by 15.7% or $1.39 to $7.44 a gallon.

This is the seventh consecutive occasion that prices for petroleum products in Dominica have been reduced since prices increased in mid June 2008. These are the lowest prices for gasoline, diesel and kerosene in Dominica since January, 2004.

In December 2008, Government cut the price of gasoline, diesel and kerosene to $9.09, $10.04 and $8.83 per gallon respectively.

 

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.

 

On October 3, 2008 Government made further reductions in the price of gasoline by 2.5% to $14.32 a gallon, diesel by 11% to $12.98 and kerosene by 4.3% to $12.89 a gallon. Then again on October 24, 2008, petrol prices were reduced further. Gasoline prices were reduced by $2.31 to $12.01 a gallon. Diesel decreased 76 cents to $12.22 and as for kerosene; they were reduced by $1.61 to $11.28 a gallon. On November 21, 2008, the price of gasoline was reduced further to $10.05, diesel to $10.76, while kerosene was selling at $9.57 a gallon.

 

International oil prices have witnessed significant falls since July 2008, and traded around US$40.00 a barrel on December 6, 2008. On December 24, 2008, oil prices traded at US$33.00 a barrel.

 

Government wishes to assure the public that if the price of oil on the international market continues to fall, these reductions will be reflected in the price of petroleum products locally.

 

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