Trade Director Matthan Walter announced a decrease in prices for all petroleum products in Dominica as of December 4th, 2023. He attributed the previous price hikes to failures by certain OPEC members to meet production targets, coupled with a significant inventory increase in the U.S. Crude stock reserves. These factors led to a drop in crude oil prices, which directly affects the cost of gasoline and diesel in Dominica.
Walter confirmed that there would be no price increases for petroleum products in the country before the end of 2023. He detailed the recent price reductions: gasoline prices decreased by $1.91 per gallon from $16.16 to $14.25, High Sulfur Diesel (HSP) by $1.08 from $15.38 to $14.30 per gallon, and Ultra-Low Sulfur Diesel (ULSD) by $1.29 from $16.20 to $14.91 per gallon.
The price adjustments are a result of global market dynamics, including the U.S. crude production increase that led to a surplus of petroleum products on the global market. This surge has made it challenging for OPEC members to adhere to their commitment to cut production, which would typically increase petroleum prices and decrease crude oil inventories globally.
Walter reassured that the current market conditions indicate there will be no fuel price increases in Dominica for the remainder of 2023, a welcome development for commuters and stakeholders during the festive season.
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