Prices of 100 lbs cylinder decline in Grenada by $11.60

In a bid to ease financial pressures off the residents of the country, the Ministry of Finance of Grenada have announced a reduction in the prices of 100 lbs cylinder. The cost of a 100 lbs LPG Cooking Gas cylinder has been slashed by $11.60, bringing the new price to $244.30 in Grenada and Carriacou and Petite Martinique.

This successive price cuts offer much-needed relief to the citizens of the country who are grappling with a challenging economic environment.

Not only this, the Ministry has also announced certain changes in the retail prices of petroleum products which are effective in the tri-island nation from Wednesday, 18^th September 2024.

As per the details, the prices of Gasoline, Diesel and Kerosene have slightly decreased by $0.79, $1.09 and $1.41, respectively. The initial prices of these products were $15.86, $15.49 and $11.66 which have now fallen to $15.07, $14.40 and $10.25.

Moreover, the price of 20 lbs. cylinder in Grenada stands at $40 and no change has been recorded in the LPG price as compared to the last month. Meanwhile, the price of bulk cooking gas cylinder has dropped off from $2.40 to $2.30, marking a reduction of $0.10.

Also, the authorities have announced changes in the prices of LPG Cooking Gas for Carriacou and Petite Martinique as well. The price of the 20 lbs. cylinders remains unchanged and stands at $49. On the other hand, the prices of bulk cooking gas cylinder have also declined by $0.10 from $2.40 to $2.30.

While shedding light on the revised prices of Petroleum products and LPG Cooking Gas cylinders, the Ministry of Finance stated that they are continuing to monitor petroleum product prices and will intervene if prices exceed $17.00.

They also 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 Minister of Finance Budget speech of the year 2023.

Notably, the new retail prices of all these products 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 August 14, 2024 to September 12, 2024.

The Ministry asserted that the Petroleum products are price-controlled goods, therefore no retailer shall vary the stated prices. They also asked the consumers to notify the Price Control/Consumer Affairs Unit in the Ministry of Legal Affairs, Labour and Consumer Affairs of any instance of overpricing at the number i.e. 435-1459.