ST. GEORGE’S, GRENADA,
Friday, April 15, 2011: Having regard for the financial challenges
facing the Grenadian people in the face of the steady rise in energy prices;
Government has stepped in to cushion the effect of rising energy prices in two
ways.
First, the price of
a 20 pound cylinder of cooking gas will fall from $54.62 to $47.96 from
Monday, April 18, 2011. If Government did nothing, the price of a 20
pound cylinder would have risen to $56.46. Based on average monthly
sales, this action will cost Government about $200,000 per month.
Second, Government
has decided to reduce the tax collected on each gallon of gasoline sold by 50
cents, the maximum allowed under the law at any price
change. If Government had done nothing, the price of gasoline would have
risen from $14.68 to $15.62 per gallon. With this decision, the
price of petrol will now be $15.12. This decision also means that
Government will lose approximately $500,000 in revenue from petrol tax for the
next month (April 18 – May 17, 2011).
It is important for the public
to know that contrary to popular opinion, Government does not benefit from high
oil prices. On the contrary, Government often loses revenue because
it is forced to cut the tax collected on each gallon of fuel sold. This
is precisely the situation at this time.
It is even more important for
the public to understand that notwithstanding these efforts by Government,
petroleum prices are likely to remain high and rise even further over the next
few months. Since Grenada imports nearly all of its fuel, there is
limit to how much Government can do to cushion the effect of these high
prices. As a consequence, the public must make every
effort to conserve energy.
In light of Government
intervention, the general public is hereby informed that, effective, Monday
18th, April 2011 the retail prices of petroleum products
(Gasoline, Diesel, Kerosene and LPG (Cooking Gas) will be as follows:
GRENADA:
Products Old
Price New
Price
Gasoline $14.68/IG $15.12/IG
Diesel $14.83/IG $15.43/IG
Kerosene $11.71/IG $12.85/IG
L.P.G (Cooking Gas):
20 lbs
Cylinder $54.52 $47.96
100 lbs
Cylinder $267.17 $276.89
Bulk $2.73/lb $2.83/lb
CARRIACOU:
Products Old
Price New
Price
Gasoline $14.84/IG $15.78/IG
Diesel $14.99/IG $15.59/IG
Kerosene $12.39/IG $13.02/IG
L.P.G (Cooking Gas)
20 lbs
Cylinder $63.52 $56.96
100 lbs
Cylinder $290.17 $299.89
Bulk $2.73/lb $2.83/lb
PETITE MARTINIQUE:
Products Old
Price New
Price
Gasoline $11.84/IG $12.78/IG
Diesel $11.98/IG $12.59/IG
Kerosene $12.39/IG $13.01/IG
All consumers
are encouraged to act wisely by conserving and using energy efficiently. Furthermore, consumers are encouraged to
immediately notify the Price Control/Consumer Affairs Unit in the Ministry of
Finance of any instance of overpricing at telephone number 440-1369.
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