KINGSTOWN, St. Vincent – Vincentians yesterday began paying EC$0.76 less per gallon of gasoline at the pumps.
The government, based on its rolling three-month average system of pricing the fuel, has reduced the price per gallon from EC$14.66 to EC$13.90
“… depending on what the rolling three-month average provides, we either keep the price the same way, we bring it down or we put it up,” Prime Minister Gonsalves said at a press briefing yesterday.
“It is completely transparent and you can check, for instance, what the price for Brent Crude is on the international market and then you can see what are the mean postings in the Caribbean and broadly, you can look at a comparison between ourselves and what is taking place in the rest of the Caribbean. Completely open and transparent,” Gonsalves said.
He said that his government tries to iron out peaks and troughs in the price of gasoline by using the rolling three-month average.
“But we are subject to the forces of supply and demand and the intervening managerial forces of this important commodity,” he said.