PETROL PRICES TO RISE NEXT WEEK
Motorists will pay more at the pumps next week.
The announcement came from Prime Minister and Finance Minister Hon. Gaston Browne during the Browne and Browne show on Pointe FM Saturday evening.
Gasoline prices are to be increased from $15.15 to $17.50 cents per gallon while diesel prices will be increased from $15.23 to $17.25.
There will be no increase in the price of Liquefied Petroleum Gas or cooking gas.
The Prime Minister explained this is due to the escalating prices on the international market due to the fall-out from the war in Eastern Europe.
The war has resulted in supply and geopolitical shocks which have in turn affected spot prices.
Prime Minister Browne noted the government is unable to continue absorbing the level of increase.
However, he said the government will continue to subsidise the transportation and fisheries sectors to tamp down the inflationary impact.
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In addition, the government has reportedly taken fiscal measures to cushion the impact of the price build-up.
Fuel prices have also been increased in other Caricom countries, including St Lucia and most recently, Suriname.
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