“THIS IS DETERMINED BY EXTERNAL FACTORS” – WIOC CEO RESPONDS TO LOOMING PETROL PRICE INCREASE

Chief Executive Officer of West Indies Oil Company, Gregory Georges has responded to the announcement of an increase in petrol prices this week, noting this has been prompted by external factors.
He says at current retail prices, the Government is subsidizing the cost of both gasolene and diesel amidst a sharp rise in world oil prices in the wake of Russia’s invasion of Ukraine.
The Government has had a price stabilisation mechanism in place which has kept gasolene prices at 12-dollars 50-cents, the lowest in the Eastern Caribbean Currency Union.
However, as world oil prices continue to rise, the government says this would mean the administration would be paying money to West Indies Oil Company as a subsidy if the prices are not increased.
Gregory Georges spoke with ABS News on Sunday.