The price of gasoline and diesel in St Lucia has been temporarily frozen, as the government tries to cushion consumers from the escalating price of oil. Prime Minister Stephenson King said the excise tax on gasoline has been reduced by 36.7 per cent, while the duty on gasoline has been cut by 15.67per cent. This will result in a reduction in the revenue earned by government from the tax, but it means that the prices of gasoline and diesel remain unchanged at $15.38 and $15.57 a gallon respectively.
He pointed out that the decision to keep the retail prices of gasoline and diesel unchanged was taken despite the continuous increases in the import prices of fuel for the March 28 to April 22, 2011 period, which would have determined the price change on May 9. “During that period, the imported prices of gasoline and diesel increased by 13.4 per cent and 4.6 per cent respectively,” he said in a televised address to the nation on Wednesday night.(Excerpt from Caribbean 360)
