The government of St Vincent has announced updated domestic fuel prices, headlined by a significant $1.02 reduction in the price of gasoline at the pump, alongside modest price increases for diesel and low-sulfur diesel reflecting recent global market movements.
The price adjustments, based on the government’s latest three-month moving average price buildup, go into effect on Monday.
Under the new price structure, retail consumers will see immediate relief at the gas pump, while diesel products record slight upward adjustments:
- Gasoline: The retail price at the pump drops from $18.31 to $17.29 per gallon, representing a $1.02 per gallon savings for consumers. The wholesale price decreases from $17.55 to $16.53 per gallon.
- Diesel: The retail price increases slightly by 4 cents, moving from $17.53 to $17.57 per gallon. The wholesale price rises from $16.87 to $16.91 per gallon.
- Low-Sulfur Diesel: The retail price rises by 33 cents, moving from $17.40 to $17.73 per gallon. The wholesale price increases from $16.74 to $17.07 per gallon.
The price buildup revealed a positive bonus position of $1.02 for gasoline, compared to small price penalties (“malice”) of 4 cents for diesel and 33 cents for low-sulfur diesel.
To keep consumer prices suppressed, the Prime Minister emphasized that the government is maintaining its 50% reduction in the excise tax across all three fuel types.
This tax relief measure remains in place to cushion domestic consumers against volatile international oil prices driven by ongoing conflict in the Gulf region. The government indicated that whenever global markets deliver cost reductions, benefits will be passed on immediately to the public at the pump.
