by Linda Straker
- New prices effective 18 November 2022
- Increases range between EC 51¢ and $1.46
- Petrol taxes removed 17 September 2022
As of 18 November 2022, drivers and vehicle owners began paying more for gasoline, diesel, and kerosene because of an increase in prices that ranges between EC 51¢ and 1.46.
“The new Retail Prices are computed based on the average FOB costs: that is; (Ex-refinery prices), for the period 11th October 2022 to 11th November 2022,” explained a news release from the Energy Division, Ministry of Finance. The price of petroleum products is adjusted on the 18th of each month and according to the November update, gasoline is up by 51 cents, diesel is up by EC$1.46 and kerosene is up by EC$1.29. There is also an increase in 100-pound cylinders and bulk gas.
As of 17 September 2022, the Government of Grenada removed all petrol taxes and will continue until December 2022. This means that both retailers and buyers will not be paying any taxes on petrol which is defined by law as gasoline and diesel.
In December 2021, the then New National Party administration capped gasoline and diesel at EC$15, but due to fluctuations in the market, the cap was removed as of September because the price without tax fell below EC$15. The Petrol Tax Order meant that the government was expected to lose millions in petrol tax revenue until there is an amendment to the order which is set to be reviewed in December 2022. Petrol Tax revenue is the third largest income for the government, bringing in EC$60 million in 2021.
Prime Minister Dickon Mitchell announced during a news conference on 13 September 2022, that if the price of fuel increases above EC$17 after the removal of the cap on 18 September, then Government would set a new cap of EC$17.
