New retail prices of petroleum products and LPG effective in Grenada, know changes

Grenada: The Ministry of Finance of Grenada announced the change in the retail prices of petroleum products such as Gasoline, Diesel, Kerosene and LPG. These change in prices have been effective in the tri-island nation from 18th July 2024.

As per the details, initially, the prices of Gasoline, Diesel, and Kerosene, which were followed in Grenada, were $15.74, $15.30, and $11.25. They were later revised to the new prices, including $15.34, $14.53, and $10.65, respectively. The prices of the products fell by $0.40, $0.77 and $0.60.

Moreover, the government also announced new prices for the LPG Cooking Gas, as the price of 100 lbs cylinder surged around $7.60 as its initial price was $235.65 which has been revised into new price of $243.25. On the other hand, the bulk cooking gas also witnessed the increase in price from $2.45 to $2.50, marking a rise of $0.05. The price of 20 lbs. cylinder remained constant as it will still cost around $40 to the residents of Grenada.

The administration has also changed the prices of the LPG Cooking Gas for Carriacou and Petite Martinique. As, the price for the 100 lbs. cylinder has increased from $258.65 to $266.25 marking an increase of $7.60. The residents of Carriacou and Petite Martinique witnessed no change in price of 20 lbs. cylinder, costing around $49.00. Meanwhile, the price of bulk gas cylinder also increased by $0.05 from $2.45 to $2.50.

The Ministry of Finance shared their statements following the change in prices and stated that they continue to monitor petroleum product prices and will intervene if the prices exceed $17.00.

Also, 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.

They also shared 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 14^th June to 12th July 2024. The Ministry also asserted that the petroleum products are the price-controlled goods, so no retailer shall change the stated prices.