Minister of Finance, Colm Imbert, just announced that fuel prices will be increasing for the second time for 2022. The Minister made the announcement at today's Budget Presentation (Monday 26th September 2022).
The new prices per litre will be as follows, with immediate effect:
Premium, super and kerosene have increased by TT $1/Litre and diesel by TT $0.50/Litre. LPG prices will remain fixed at TT $21 for a 20 pound cylinder of domestic cooking gas. According to Minister Imbert, “Although oil prices have subsided somewhat and are currently in the vicinity of US $90 per barrel, the U.S. Energy Information Administration in its most recent September 2022 short term energy outlook, has estimated the price of oil in 2023 to average US $96.91 per barrel, which means that if this forecast is correct, we will be facing a fuel subsidy in 2022 of over TT $2 billion.” The Minister added, “I am advised by the Ministry of Energy and Energy Industries that at a price of US $95 per barrel for oil, the unsubsidized prices of premium and super gasoline and diesel per litre, before any mark-up, are as follows:
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