Price of 100-lb cylinder increases by $5.30 in Grenada

The Ministry of Finance of Grenada has hiked the prices of 100-lb cylinder by $5.30 from 18^th October, 2024. After this hike, the retail price of a 100 lbs cylinder in Grenada and Carriacou and Petite Martinique now stands at $226.60 and $249.60 respectively.

The sudden increase in price of LPG cylinder is likely to hit businesses across various sectors, from restaurants and hotels to small-scale industries as consumers and citizens continue to grapple with rising costs.

The Ministry has also announced certain changes in the retail prices of petroleum products which are effective in Grenada from today. As per the details, the prices of Gasoline and Kerosene have slightly decreased by $0.38 and $0.45 respectively.

The initial prices of these products were $15.07 and $10.25 which have now fallen to $14.69 and $9.80. Meanwhile, the Ministry of Finance announced sudden increase of $0.02 in the price of diesel, rising from $14.40 to $14.42.

Moreover, the price of 20 lbs cylinder in Grenada and Carriacou and Petite Martinique remains unchanged and stands at $40 and $49 respectively. On the other hand, the price of bulk cooking gas cylinder has risen from $2.30 to $2.35, marking an increase of $0.05.

While shedding light on the revised prices of the petroleum products and LPG Cooking Gas Cylinders, the Ministry of Finance of Grenada stated that they are continuing to monitor these changes. They added that they will intervene as necessary if prices exceed $17.00.

They noted that the Petroleum product prices of Gasoline, Diesel and Kerosene within the Tri-island state of Grenada are fully harmonized in line with the statements which are made by the finance minister in his Budget speech of the year 2023.

As per the details, 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 the Caribbean postings for LPG, the cost was used over the period from 13th September 2024 to 11th October 2024.

The authorities noted that the Petroleum products are price-controlled goods, therefore no retailer shall vary the stated prices.