GOV.VC
Prime Minister and Minister of Finance, Hon. Dr. Godwin Friday, highlighted the impact of global conflicts and disruptions to international shipping routes on energy prices.
“Without our government taking steps to cushion the impact of global price increases, gasoline prices at the pump would go up by approximately $5.60 per gallon, an increase of over 42 percent, and would mean consumers would pay nearly $19 per gallon at the pump,” Dr. Friday disclosed.
Dr. Friday alluded to the price of Brent crude oil, which rose by 68 percent between January and May of this year, “from around US $64.50 per barrel to over $108 per barrel. That is a massive increase in a relatively short period of time.”
Without intervention:
- Local gasoline prices would rise from EC$13.22 to approximately EC$18.82 per gallon;
- Diesel prices would increase from EC$12.56 to EC$17.71 per gallon; and
- Low-sulfur diesel would increase from EC$12.93 to approximately EC$17.85 per gallon.
Dr. Friday warned that such increases would affect transportation, electricity generation, food production, and business operations nationwide.
SOURCE: Agency For Public Information (API)