Grenada announces $9.25 hike in LPG Cylinder prices, impacting businesses and consumers

Grenada's Ministry of Finance announces no change in LPG 20 lbs. cylinder prices, maintaining $40.00 in Grenada and $49.00 in Carriacou and Petite Martinique.

21st of January 2025

Grenada announced a major hike of $9.25 in the price of 100 lbs. cylinder, effective from Saturday, 18th January, 2025. This sudden increase in the prices is expected to directly affect restaurants, hotels, and other businesses dependent on LPG for daily operations. This increase in the prices of cylinders is also likely to pass some financial burden onto customers. 

As per the notice, a 100 lbs. cylinder will now cost $226.55 in Grenada compared to $217.30 earlier. Similarly, the price of 100 lbs. cylinder in Carriacou and Petite Martinque has also risen from $240.30 to $249.55. The price of bulk cooking gas cylinders in Grenada and Carriacou and Petite Martinique has also risen from $2.25 to $2.35, marking an increase of $0.10. 

The Ministry of Finance of Grenada has once again announced no change in the prices of LPG (Cooking Gas) 20 lbs. cylinder, standing at $40.00 in Grenada and $49.00 in Carriacou and Petite Martinique.

The authorities have also announced a change in the retail prices of petroleum products such as Gasoline, Diesel, Kerosene and Liquefied Petroleum Gas. All the changes in the prices of goods applies to all islands, i.e., Grenada and Carriacou and Petite Martinique. 

The Ministry of Finance have announced a slight decrease in the prices of Gasoline and Diesel. The initial prices of these products were $14.77 and $14.37 which have now fallen to $14.09 and $13.68 respectively. Meanwhile, the price of Kerosene has now risen to $10.22, marking an increase of $0.45. 

Statement of Ministry of Finance of Grenada on change in prices 

Emphasising on the change in the prices of goods, the Ministry of Finance said that they are committed to continue to monitor petroleum products prices. He added that these revised prices announced by them are price-controlled goods. Therefore, no retailer shall vary the stated prices. 

The Ministry of Finance added that they will intervene in the change in the prices of goods only if the prices exceed the limit of $17.00. Also, the Petroleum Products Prices of Gasoline, Diesel and Kerosene in Grenada and Carriacou and Petite Martinique are fully coordinated in line with statements which were made by the Minister of Finance in his 2023 Budget Speech.

The new retail prices which have been announced by the authorities are computed. They are based on the average of the actual cost, freight, and insurance rates for Gasoline, Diesel and Kerosene. However, the mean Caribbean postings for cost were used over the period from 16th December to 10th January, 2025. 

The authorities said that consumers can notify the Price Control/Consumer Affairs Unit in the Ministry of Legal Affairs, Labour and Consumer Affairs in any case of overpricing.