The leader of the main opposition United Progressive Party, Harold Lovell is calling on the government to reduce the price of fuel at the pumps to reflect the current price of the commodity globally.
He made the call during a press conference of the UPP this morning.
The price of crude oil on the world market has declined to levels well below the price at the time when the war in Ukraine started.
Today the price on the world market is $73.25 per barrel. It was $125 at the outbreak of the war.
So let us see that difference.
Today it is $73.25 for a barrel of crude on the world market. At the time of the outbreak of the war, the prices shot up to $125, which led to a spike in the price at the pump.
The current price of gasoline at the pump is $15.54 and the price of diesel is $16.79 per gallon.
Whereas immediately before the start of the war, the price of gasoline at the pump was $12.50, and the price of diesel was $12.20, and the price at the crude was $97 per barrel on the world market.
We call on the government to reduce the price of gasoline by $3.04 at least per gallon, to the prewar level of no more than $12.50. And further, we call on the government to reduce the price of diesel by at least $4.59, to the prewar level of $12.20 at least.
We believe that this is very important given the inflationary impact of fuel prices.
It is our view that the failure of this administration to provide any relief or any stimulus to the people of this nation, at a time when we are witnessing low prices of crude on the world market… it cannot be fair for the government to continue to take in excessive amounts of consumption tax.
We are aware that this government has collected more in consumption tax than any previous administration.
We call on the Government therefore, to have a heart and to give a break to the people of this country by immediately reducing the price of gasoline at the pump, and also to reduce the price of diesel at the pump in order to provide an economic stimulus and to provide relief to the people of this country.
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