Fin-sec, How Low Can You Go On Fuel?
We also took the opportunity to ask the Financial Secretary if the fuel prices will go down any further. The Prime Minister had promised that the price at the pumps would go down by mid-October.
By October 7th, regular dropped by 84 cents, and by October 28, the price fell by another 16 cents, to its current price of $10.13 per gallon. For diesel, the price dropped by 13 cents on October 24th, and the pump price is now $9.50 per gallon.
Today, the Fin Sec said that's as low as those two will go:
"Are we looking for a continuous reduction in prices in the next few months? What is the outlook there."
Joseph Waight - Financial Secretary
"The next item to come is premium gasoline, which comes from a different source. It does not come from Petrocaribe. We expect that price to go down in, in pretty much the same way as the regular gasoline, 2 or 3 weeks ago. Beyond that, it depends on what the world prices look like, but it's not an immediate translation of world prices unto our - given the small amounts that we buy in the scheme of things. Our importation is a fraction of the world supply. So, what happens is we don't - and transportation costs are high. We have to pay for small boat - we don't have. And per unit cost is much higher."
Daniel Ortiz, reporter
"The price of fuel went down recently, as far as you're aware, is this the lowest it will reach at this time?"
"Looking at the world [prices], I think we have plateaued. Hopefully, it goes down some more, but it all depends on what happens international. There could be a scare in Iraq, or Iran, or something, and boom, it goes back up again."
The price of premium is expected to go down when the next shipment arrives. Right now, a gallon of premium costs $11.92.