Antiguans to pay more for fuel this week
From today, Antiguans and Barbadians can expect to pay at least EC$15 per gallon of fuel at the pump as global petrochemical prices increase due to the war between Russia and Ukraine.
Speaking on his weekly radio program on Saturday, Prime Minister Gaston Browne said his government simply cannot afford to subsidise fuel any further.
“We have no choice,” Browne declared as he noted the government will have to pay the West Indies Oil Company over EC$2 million per month to keep gas prices at an “artificially low” level.
The price of oil crossed US$120 per barrel due to sanctions imposed on Russia following its invasion of Ukraine in late February.
Browne said he had warned citizens that his government would have to increase the price of fuel when oil crossed the US$120 per barrel.
The prime minister highlighted that Antigua and Barbuda is not the only Caribbean state forced to take this position.
“Not even in Trinidad and Tobago, in which they produce oil, they are subsidising the prices to that extent. They have announced that there will be price increases,” Browne said.
And with the consumption tax for fuel reduced by 32 million in 2021, Browne said his government has been placed in a situation where it will end up in the red if it continues with an unjustified subsidy.
Browne appealed to bus drivers to hold their hand on increasing fares since he believes the situation will be temporary.
Motorists have also been advised to conserve fuel.
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