Grenada announces $10.60 price decrease for 100lbs cylinder

The Ministry of Finance of Grenada announced a significant reduction of $10.60 in the price of 100 lbs. cylinder. This huge decrease in the prices is expected to play a crucial role in easing off the financial pressure from the residents of the country.

As per the details, 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 are effective from today, i.e. 18^th November, 2024.

Change in price of Gasoline, Diesel and Kerosene

The authorities have announced a slight increase in the prices of Gasoline, Diesel and Kerosene. The initial prices of these products were $14.69, $14.42 and $9.80 which have now risen to $14.93, $14.45 and $10.38 respectively.

The sudden change of $0.24, $0.03 and $0.58 in the prices of Gasoline, Diesel and Kerosene applies not only for the citizens of Grenada but also for Carriacou and Petite Martinique.

Change in price of L.P.G (Cooking Gas)

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.

Meanwhile, the citizens of Grenada will enjoy a significant decline of $10.60 in the price of 100 lbs. cylinder, marking a decrease to $216.00 from $226.60. This decrease in the prices of 100 lbs. cylinder will also be enjoyed by the residents of Carriacou and Petite Martinique as they will now pay $239.00, instead of $249.60.

The price of bulk cooking gas cylinder has also dropped off in Grenada and Carriacou and Petite Martinique, marking a reduction of $0.10. The old price of Bulk Cooking gas cylinder in Grenada was $2.35 which has now fallen to $2.25. On the other hand, the old price of Bulk Cooking gas cylinder in Carriacou and Petite Martinique was $2.35 which has now declined to $2.25.

Benefits to consumers

This decrease in the prices of LPG Cooking Gas Cylinder in Grenada and Carriacou and Petite Martinique would give a huge relief to the consumers. This decline in the prices of 100lbs. cylinder would play a significant role in helping those who are dealing with challenging economic conditions.

The reduction in the prices would make it accessible for the citizens to purchase the cylinders at the discounted prices.

Statement of Ministry of Finance of Grenada on revised prices

The Ministry of Finance of Grenada shed light on the revised prices of Petroleum Products and LPG Cooking Gas Cylinders and said that they are committed to continue to monitor petroleum products prices.

They added that they will intervene 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.

Also, 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 15^th October, 2024 to 12^th November, 2024.

The Ministry of Finance also added that the Petroleum Products are price-controlled goods. Therefore, no retailer shall vary the stated prices. 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.