Politics
Grenada Opposition Party Urges Government to Reconsider Petroleum Price Cap Removal
The New National Party urges the Grenada government to reconsider its decision to remove the price cap on petroleum products, citing significant price increases and the burden on consumers.
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Originally published by www.nationnews.com (opens in new tab)
ST. GEORGE’S – The main opposition New National Party (NNP) Wednesday called on the Grenada government to reconsider its policy of removing a price cap on petroleum products following substantial increase in prices for these commodities.
Effective January 18, 2023, the price cap of EC$15.00 (One EC dollar=US$0.37 cents) on petroleum products expired and the Ministry of Finance in announcing the new price increases this week said that it would continue to monitor petroleum product prices and will intervene as necessary if prices exceed EC$17.00.
It said the new retail prices are computed based on the average of the actual cost, freight and insurance rates for Gasoline, Diesel and Kerosene, however for LPG, the mean Caribbean postings (Platts) for cost was used over the period August 2, 2023, to August 30, 2023.
But the NNP said that when it formed the last government, it had implemented a price cap on gas “to prevent it from surpassing EC$15.00 a gallon,” saying that it was “a move that was clearly designed to shield us from soaring costs”.
But it claimed that “this safeguard has been thoughtlessly removed by the current administration” and as a result, Grenadian consumers are now finding themselves “grappling with outrageous fuel prices”.
It said gas is being retailed here at EC$16.88a gallon, while diesel and kerosene are being sold at EC$16.25 and EC$13.13 per gallon, respectively.
“These aren’t mere figures; they’re evidence of a government’s disconnect and indifference towards its citizens. The lifting of the cap is more than an economic misstep; it is a stark betrayal of the public trust, forcing us all to cope with unprecedented and frankly, unacceptable price hikes.
“It begs the question: is the government here to serve us, or to amplify our struggles? We cannot remain silent. It’s time to demand accountability and press the government to rethink this disastrous policy,” the NNP said, adding “our community shouldn’t have to shoulder these steep costs, sprung on us due to sheer governmental negligence.
“We cannot stand by while the daily lives of hard-working citizens are disrupted,” it added. (CMC)
