Another fuel price hike in Dominica

by Paul Charles

Sunday, March 28, 2004

ROSEAU, Dominica: Dominicans are paying more for fuel at the pumps following another hike in prices for petroleum products on the island.

The ministry of trade has announced Saturday that consumers have been asked to pay EC$8.45 (US$3.13) per gallon of fuel beginning last Thursday. The increase is the third in the last six months.

In January, the retail price for fuel rose from EC$7.96 (US$2.95) to EC$8.04 (US$2.98) per gallon. 

In a news release the ministry attributed the hike in fuel prices to ''change in world prices of fuel.''

The trade office further explained that a pricing mechanism implemented by the government last September ''is directly responsive to changes in world prices and that local price adjustments would be made as necessary every eight weeks.''

The release also added that the rise or fall of prices would be a common feature here after the government had abandoned its policy of maintaining fixed prices for petroleum products. 

Last year, the ministry of trade announced a change in the pricing mechanism in keeping with an economic stabilisation and adjustment agreement Dominica signed with the International Monetary Fund (IMF). 

Filling station owners, who have been clamoring for an increase in their profit margin following previous hikes, have so far not commented on the latest situation.

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