Grenada announces remarkable decrease of $10.35 in 100lbs cylinder

The Ministry of Finance of Grenada announced a decrease of $10.35 in the price of 100 lbs. cylinder. Along with that, they have also announced a certain change in the retail prices of petroleum products that will be effective in the country from Sunday, 18^th August 2024.

As per the details, the prices of Gasoline, Diesel, and Kerosene have slightly increased by $0.52, $0.96, and $1.01, respectively. The initial prices of these products were $15.34, $14.53, and $10.65, which have now risen to $15.86, $15.49, and $11.66.

Moreover, the Government of Grenada also announced the revised prices for the L.P.G. Cooking Cas. According to the information, the prices of 20. Lbs cylinder remains unchanged at $40. Meanwhile, the price of bulk cooking gas cylinder has dropped off by $0.10 from $2.50 to $2.40. And, the price of 100lbs cylinder has seen a significant decrease of $10.35.

The authorities also announced the change in the prices for the L.P.G. Cooking Gas for the residents of Carriacou and Petite Martinique. According to the revised prices, the residents of the island nation will also get an opportunity to benefit from a reduction of $10.35 in the price of 100 lbs. cylinder, bringing it down from $266.25 $255.90.

On the other hand, the price of 20 lbs cylinder did not change and remains unaffected at $49. Additionally, the cost of bulk gas cylinder has decreased by $0.10, now priced at $2.40.

While announcing the revised prices for the petroleum products such as Gasoline, Diesel, Kerosene and Liquified Petroleum Gas, the Ministry of Finance stated that they will continue to monitor petroleum product prices and will intervene if the prices exceed $17.00.

They also shared that the petroleum product prices of Gasoline, Diesel, and Kerosene within the tri-island state of Grenada are fully harmonized in line with statements made by the Minister of Finance during his 2023 Budget address.

The authorities also added that the petroleum products are the price-controlled goods, so no retailer shall change the stated prices. They asserted that 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 for cost was used over the period from 17^th July 2024 to 13^th August 2024.

Notably, the consumers of Grenada have also been asked to notify the Price Control/Consumer Affairs Unit in the Ministry of Legal Affairs, Labour and Consumer Affairs of any instance of overpricing at telephone number: 435-1459.