The Public is hereby notified that in keeping with changes in international oil prices and Government’s application of the modified market pass-through petroleum pricing mechanism, the retail price of LPG 100 lb cylinder has changed.
The retail price of Gasoline, Diesel, Kerosene, LPG 20 and 22 lb cylinder remains unchanged. The price change takes effect from Monday, February 20, 2023.
- Gasoline remains unchanged at $3.74 per litre or $17.00 per gallon
- Kerosene remains unchanged at $2.97 per litre or $13.51 per gallon
- Diesel remains unchanged at $3.74 per litre or $17.00 per gallon
Cumulatively, for the fiscal year 2022/23 up to March 12, 2023 the shortfall in excise tax revenue generated from gasoline and diesel is estimated at $17.93 million. The budgeted level for the fiscal year was projected at $65 million.
The 20 lb Cylinder (9.07kg) is being subsidized at $23.96 per cylinder and the 22 lb Cylinder (9.98kg) is being subsidized at $26.35 per cylinder.
- 20 Pound Cylinder (9.07 kg) remains unchanged at $43.27 per cylinder
- 22 Pound Cylinder (9.98 kg) remains unchanged at $47.60 per cylinder
- 100 Pound Cylinder (45.36kg) increased from $264.84 to $336.13 per cylinder
To avoid additional increases in the retail price of the 20-pound and 22-pound cylinders, the government continued to cushion prices by fully absorbing the increase in imported prices.
The price of the 20-pound and 22-pound cylinders is being subsidized by $23.96 and $26.35 per cylinder from $9.70 and $10.67 per cylinder respectively. Cumulatively, for the fiscal year 2022/23 up to March 12, 2023, the LPG subsidy is projected at $12.89 million, exceeding the budgeted level of $5.67 million by $7.22 million.
The Government of Saint Lucia recognises the significant increase in the price of the 100 pound cylinder given that successive governments would have taken the decision to not subsidize it.
The government will continue to monitor the price of this item over the next couple of weeks to ascertain that the recent significant price increase was not temporary and may have to revisit the current policy should that not be the case.
The Public is informed that the next adjustment of the retail price of fuel products will be on Monday, March 13, 2023.
SOURCE: Ministry of Commerce, Manufacturing, Business Development, Cooperatives and Consumer Affairs