August 20, 2013

Gas at pump down by 40 cents, while diesel, kerosene increase

The price of gasoline at the pump decreased by 40 cents yesterday.{{more}}

A release from communications consultant in the Prime Minister’s office Elson Crick said the price of gasoline is now $14.72 per gallon, down from $15.12 a gallon.

On the other hand, diesel and kerosene have both increased in price. Diesel is now being retailed at $13.32 a gallon, up from $13.00 a gallon. Kerosene is up from $13.79 to $13.93 per gallon.

The release said the price of Brent Crude on the international market, which was US $116.05 per barrel in February 2013 came down consistently over the recent months.

“In fact, the price stabilized at an average of US$103.88 per barrel over the four-month period April to July, 2013. Currently the price of Brent Crude is now US$109.81 per barrel.”

The release said an analysis of the prices of petroleum products in St Vincent and the Grenadines for the month of August (utilizing the three-month moving average framework) indicated that the Government realized a malus on diesel and kerosene of 0.3154 and 0.1384 respectively and a bonus on gasoline of 0.3951.