Residents will see a slight dip in the price that they pay for gas this week.
Gasoline at the pump will be reduced by EC$1.03 according to Finance Minister Gaston Browne.
Gasoline presently is priced at $16.57 and when the new shipment arrives next week, it will be $15.54.
However, the price for diesel will remain unchanged at $16.79, although the price on the international market has increased.
Browne announced that the government will subsidise the cost of diesel since the next shipment of the product has increased in price.
“Diesel has actually increased by 0.61 cents, so instead of increasing the price of diesel, it will remain unchanged and the government will absorb the increase,” Browne said on his radio show on Saturday.
The Prime Minister also said that the government has not been collecting taxes on consumption of petroleum products for months, giving about two million dollars in subsidies since the rise of fuel after the outbreak of the Russia-Ukraine conflict.
“In fact, we still owe West Indies Oil Company over a million dollars in subsidies, and we are trying all that we can to systematically bring down the cost of fuel,” Browne added.