ST. GEORGE’S, Grenada, CMC – The primary opposition New Nationwide Celebration (NNP) Wednesday known as on the Grenada authorities to rethink its coverage of eradicating a worth cap on petroleum merchandise following a considerable worth enhance.
Efficient January 18, 2023, the value cap of EC$15.00 (One EC greenback=US$0.37 cents) on petroleum merchandise expired, and the Ministry of Finance, in asserting the brand new worth will increase this week, mentioned that it could proceed to watch petroleum product costs and can intervene as obligatory if prices exceed EC$17.00.
It mentioned the brand new retail costs are computed based mostly on the typical of the particular price, freight, and insurance coverage charges for Gasoline, Diesel, and Kerosene; nevertheless, for LPG, the imply Caribbean postings (Platts) for the value was used over the interval August 2, 2023, to August 30, 2023.
However the NNP mentioned that when it fashioned the final authorities, it had carried out a worth cap on fuel “to forestall it from surpassing EC$15.00 a gallon,” saying that it was “a transfer designed to defend us from hovering prices.”
However it claimed that “this safeguard has been thoughtlessly eliminated by the present administration,” consequently, Grenadian shoppers at the moment are discovering themselves “grappling with outrageous gasoline costs.”
It mentioned fuel is being retailed right here at EC$16.88a gallon, whereas diesel and kerosene are being offered at EC$16.25 and EC$13.13 per gallon, respectively.
“These aren’t mere figures; they’re proof of a authorities’s disconnect and indifference in direction of its residents. Lifting the cap is greater than an financial misstep; it’s a stark betrayal of the general public belief, forcing us all to deal with unprecedented and, frankly, unacceptable worth hikes.
“It begs the query: is the federal government right here to serve us or to amplify our struggles? We can not stay silent. It’s time to demand accountability and press the federal government to rethink this disastrous coverage,” the NNP mentioned, including, “Our group shouldn’t need to shoulder these steep prices sprung on us attributable to sheer governmental negligence.
“We can not stand by whereas the each day lives of hard-working residents are disrupted,” it added.
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