Gasoline and Diesel prices down in SVG

In October 2023, vehicle owners were disgruntled after learning about an increase in the price of gasoline and diesel, but the price of the commodity has recently seen a reduction.

Back in October 2023, diesel was set at $15.26 per gallon, low-sulphur diesel at $16.98 per gallon, and gasoline at $17.06 per gallon.

As of Monday February, 19, 2024, SEARCHLIGHT received word from the office of the prime minister that the price for gasoline is now $15.56 per gallon, and $14.25 per gallon for diesel.

A check by SEARCHLIGHT with two fuel retailers revealed that gasoline is being sold at the recommended $15.56 per gallon, and diesel is retailing at $14.79 per gallon.

South in Grenada the Ministry of Finance in a notice said “effective Sunday, February 18, 2024, the retail prices of petroleum products (gasoline, diesel, kerosene and Liquefied Petroleum Gas (LPG), commonly known as cooking gas will be as follows in the State of Grenada”…gasoline at $15.40 per gallon, an $0.89 increase; and diesel at $15.33, a $0.42 increase.

Last October the St Vincent Electricity Services Limited (VINLEC), also announced an increase in the fuel surcharge following the increase in the price of crude oil on the international market.

In a release issued October 13, 2023, VINLEC said: “The new rate is $0.6530 per kWh, which is an increase of $0.11 from the previous month’s rate of $0.5419 per kWh. This change in the fuel surcharge rate was directly connected to the rising costs incurred by VINLEC in September, in the purchase of diesel, coupled with a decrease in electricity generation at the  hydro-stations due to unseasonably low rainfall.”

There have since been gradual changes to the fuel surcharges rate. The rate applicable to February 2024 bills is $0.5368; predictions are that drought conditions will be experienced in 2024.