The Cabinet held discussions on the price of fuel at the pumps in Antigua and Barbuda. It was noted that the price of oil on the world market has been trending upwards for several weeks, with the price per barrel surpassing US$120.00.
The continued war in Ukraine is having a negative impact on global supply and this has the effect of driving up the per barrel cost.
Moreover, while other countries in the region have incrementally risen their price at the pumps for several years, the price in Antigua and Barbuda remained the same to ensure there is stability and predictability in the cost of fuel, an approach that ensures prices for other commodities such as food remain stable.
In doing so, the government collected less Consumption Taxes, and it is the case that the government collected only $1.7 million for this month. In fact, before the recent rise in the cost of fuel at the pumps, this country enjoyed the lowest fuel prices in the OECS.
The price of fuel at the pumps will therefore remain unchanged for now, at $15.70 per gallon for gasoline and $15.50 per gallon for diesel.
The Cabinet reaffirms its commitment to continue to monitor the price of oil on the international market and will adjust the price downwards when the price per barrel on the international market permits a reduction at the pumps.
However Taxi, bus operators, and fisherfolk are soon to begin benefitting from the government’s twenty-five per cent (25%) fuel subsidy program.
The Antigua and Barbuda Transport Board and the Ministry for fisheries have developed a voucher system that came into effect on Thursday 24th Under this arrangement, transportation service providers and fisherfolk will receive a 25% reduction in the cost of fuel.
It means, therefore, that taxi and bus fares will remain the same for people utilizing these services, and the price per pound for fish and other seafood should remain unchanged.