Residents of St Vincent and the Grenadines should, within the next few days, see a reduction in the price liquefied petroleum gas (LPG) and further reductions in the prices of gasoline and diesel.{{more}}

At press time yesterday, officials of the Ministry of Finance were meeting with representatives of Rubis and SOL; the local distributors of gasoline, diesel and LPG, and according to Prime Minister and Minister of Finance Dr Ralph Gonsalves, it is expected that a reduction in the price of LPG will be an outcome of that meeting.

He explained that although government sets the maximum price of LPG, commonly known as cooking gas, the price is set in consultation with the distributors.

“The government wants to reduce it,” he said.

At present, the price of a 20 lb. cylinder of cooking gas is $41.80, whereas the 100 lb. cylinder is sold at $197.00.

Gonsalves also disclosed that come Monday, February 16, there will be a further reduction in the price of gasoline and diesel, with the price of gasoline falling to below $11.50 a gallon and diesel being “just above $11.00.”

The price of gasoline fell from $13.81 to $12.72 a gallon on January 12, 2015, the fourth reduction in price since October, 2014. In August 2014, the price of gasoline at the pump in St Vincent and the Grenadines peaked at $15.28 a gallon.

The price of diesel is now $12.91, having also been reduced from $13.91 a gallon on January 12.