“WE JUST DON’T SEE THIS SCENARIO ENDING ANYTIME SOON” – WIOC CEO ON WAR’S IMPACT ON OIL PRICES

Chief Executive Officer of West Indies Oil Company, Gregory Georges has outlined how the war in Eastern Europe has fueled a steep rise in global petroleum prices, resulting in a pass-through to motorists in Antigua and Barbuda. The twin-island state, like several countries around the world, is facing increased spot prices due to supply and geopolitical shocks from the armed conflict.
Georges also says it is difficult to know when this volatility in the global market will end.
Motorists will pay $17.50 for a gallon of gasoline as of Monday, June 13, up from $15.15 and $17.25 for a gallon of diesel, up from $15.23.
Prime Minister and Finance Minister, Gaston Browne says it is unsustainable for the government to continue absorbing the level of increase in the price of imported petroleum.
However, he said the government will continue to subsidise fuel for the public transportation and fisheries sectors to blunt the inflationary impact.