Saturday, August 13, 2022

Pierre Concerned About Impact Of Rising Fuel Prices

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Prime Minister Philip J. Pierre has expressed concern about the impact of rising fuel prices amid the latest hike in the cost of gasoline, diesel and LPG locally.

The new prices went into effect Monday.

“We do not control the price of fuel,” he told reporters, adding that the cost of the commodity is going up in every country.

“In Saint Lucia, the price went up by one dollar from today, and that is because the government is concerned that if we collect the revenue that we projected to collect from fuel prices, the fuel price would have been about $19.95,” the Castries East MP explained.

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He recalled that the former Allen Chastanet administration’s budget estimated collecting four dollars in revenue on every gallon of gas, increasing it from $2.50 when the Saint Lucia Labour Party (SLP) was in power.

“That $1.50 ostensibly ought to have been in a lockbox where the lockbox would have been used to repair roads. I have been Minister of Finance for eight months and I have not seen that lockbox at all,” Pierre disclosed.

“I don’t know if it is hidden, but I have not seen that lockbox. Right now at the current price of fuel the government revenue is about 80 cents on average which means even at the 2:50 we are subsidising oil basically in terms of the revenue by 80 cents minus 2.50, which is 1.70 if my arithmetic is correct,” he told reporters.

“And if we had to price the oil at the four dollars revenue that was projected by the last government we’re actually losing $3.20 on revenue,” the PM stated.

“So whereas I understand and I feel very concerned about the effects of the price of fuel it really is inevitable, and the government is taking a real hit on revenue because we are insisting that we keep the price at a level,’ he expressed.

“People will complain, and I expect people to complain. They have a right to complain because it’s affecting their pocketbooks, but the fact is we are actually losing revenue to ensure that the price doesn’t go to any level where it becomes like in Barbados it is actually $20 a gallon,” Pierre told reporters.

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

12 COMMENTS

  1. I don’t understand how this works. I am quite aware that prices have risen everywhere else. But have we actually purchased fuel at a higher price from overseas or are we still using the stored fuel that we’ve had and just risen the prices since it’s going up. In case you don’t get my point/question let me provide an example. I had rice for sale at 2 dollars a pound. Rice prices has risen and the retail value will be 3 dollars for the new stock that I purchased from the manufacturer at a high price. Do I wait until I actually have in hand the rice that I bought for a higher price to raise the retail price to 3 dollars or did I just raise the old stock to 3 dollars knowing that 3 dollars is gonna be the new price everywhere. Just a question…

  2. WTF is wrong with pjp all these lies yet still some fools believe…lucians open y’all eyes that jackass have to sign a document in order for those hikes to take effect, was he concern before doing so…guess not…youths don’t be politically blind…fuck slp.

  3. Oh my goodness, when will this imbecile realize that he is in power? What does increasing gas prices have to do with if Chastenet was in power? He is not, you are. I watch American news channels and realize that the price of oil per barrel is actually going down. For both of our last two increases the price of oil on the world market dropped. What is the justification? Stop telling us about Chas Administration. Actually they lowered the tax to keep it at $13.95 while it was about the same as it is now. Tell me if I lie, Mr. Jn.Marie?

  4. lol piere dont make us laugh with what you saying there about you concerned. so if all what you saying is true so then how was it that the last government was able to help cushion the blow of rising gas prices and also make us benefit the savings in real time changes of the international market? when kenny was there he was making us wait a whole three months for us to even get the next decrease when the price of gas was reduced in the international market..i just dont get this guy he just making excuse after excuse and not saying anything he will do to help us.
    SAKWEH TOENEH PIP

  5. Mr PM, you’re not concerned, and quiet frankly don’t care. When Chas said the government should be run like a business, y’all put fire on him. Now tell me, what’s the main purpose of a business, profit. They don’t like to lose money, and here you are saying if your government do any more, y’all will lose money. So who’s running the government like a business now? You campaigned on “putting people first”, but I don’t see this happening, instead all I see is a government that still acts like it’s in opposition and just keeps crying about UWP

  6. Typical Philip J Pierre do not want to be accused or take the blame for anything so he has to bring up the Allen administration. Allen Chastanet is not PM– you are, so try to curb it by removing taxes and finding ways to generate foreign revenue to curb rising prices. The people didn’t vote you in to complain to them. We the people that must do the complaining but it looks like you are complaining more than the people and it shows you are incapable of doing the task of PM.

  7. Folks do what you can to make your situation better. Drive less and plan your routes better. Fill up at night or very early morning because fuel is more dense in cooler temperatures. Improve your fuel economy. Stop driving like idiots on the highway. Don’t drive too quickly. Avoid the start-stop driving style. Your engine has to work harder to stop and start and change speeds frequently when you’ drive this way. This requires more gas (and burns oil faster), and therefore reduces gas mileage. Not to mention maintenance costs on brakes, suspension.

    • all now so the hybrid owners and electric car owners laughing at us lool let me go and buy a hybrid tan.

  8. Why do you morons keep referencing barbados? Their cost of living is overall higher. Their salaries are substantially higher. How do you pay those higher salaries? Higher cost.

    • Mr PM, you are not concerned about the high prices, and don’t care either. When Chas said government should be run like a business, y’all blasted him. Businesses don’t want to lose money, and here you are talking about if we subsidized fuel anymore the government will lose money, so isn’t that a business mentality. And here you are still campaigning, talking about the last administration, they’re not in power anymore, you won, start acting like it, bring relief to the people, and stop crying

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