Following a high-level meeting with the government of Venezuela, Infrastructure Minister, Hon. Stephenson King, disclosed Saint Lucia will receive assistance from the friendly country to aid in energy generation.
“Another area that was discussed was the area of energy. For the past years, we have been pursuing the initiative of energy, and we are on the verge now of Cabinet considering the National Energy Policy and updating it for what is on the landscape,” Infrastructure Minister King said. Adding that, “What is most visible on the landscape is that of the new Electricity Supply Act, which will enhance the environment for participation, not just by one power-producing company, but several. We are at a point when we can work with the Venezuelans in terms of petroleum, and petroleum products, which will assist in our energy generation.”
Contributing to the increase in international fuel prices, the Prime Minister notes, are the various conflicts between nations. The recent Israel-Hamas conflict has already triggered an increase in fuel products globally since the initial agitation this weekend (Saturday, October 7th, 2023). Prime Minister Pierre says while Saint Lucia has no control over the prices of fuel products or the state of international disputes, the government will continue softening the blow for its citizens. “We do not know how far that war will escalate, it’s in its early days still. The price of oil on the world market has already begun to show signs of increasing. Last week, we were subsidising cooking gas in excess of $20.00. We are keeping our fingers crossed. We have absolutely no control over the price of oil on the world market. We have this instability in the Middle East, so we are keeping our fingers crossed. We are hoping other parties do not join and create unnecessary problems because we are the ones who are going to suffer in the final analysis; the small islands always suffer,” he told the Press.
Since the dramatic increase in fuel prices due to the Russia-Ukraine conflict, prices have been unable to return to their original margins. In a release from the Office of the Prime Minister, the government will spend $5.71 million from October 9-29 to keep the price of cooking gas at $39.30 per 20lb cylinder and $43.22 per 22lb cylinder. Gasoline at the pump will be subsidised by $1.3 million for the next week with prices at $16. 50 per gallon.