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Yet Another Increase at the Pumps

Fuel prices at the pumps saw yet another increase at midnight last night. There was no official forewarning, but there was a statement released today from the Ministry of Finance confirming that regular fuel has gone up by sixty-six cents, taking the per gallon price from twelve dollars and eighty-four cents per gallon to thirteen dollars and fifty cents per gallon. This price adjustment now has the regular fuel price surpassing that of premium fuel which currently stands at thirteen dollars and twenty-nine cents per gallon. In the case of diesel fuel, the release noted that the government had reduced the tax component by one dollar and seventeen cents to keep the price at thirteen dollars and forty-one cents. This, according to the ministry, represents a loss of seventeen million dollars on the anticipated annual budget revenue. Love News understands that the government is in the process of establishing a Fuel Stabilization Mechanism which is expected to provide some level of price predictability, while protecting the fiscal targets in the national budget. GOB is also actively engaged with various stakeholders in the pursuit of certain burden sharing initiatives that can contribute to price stabilization and price reduction.