Drop-In Fuel Prices Goes Into Effect On Monday, August 15, 2022
As hinted by the Acting Minister of TEATT, Omar Ottley in Wednesday’s press briefing; gas prices will decrease effective Monday, August 15th. A further decrease is expected in early September.
The delay in the price drop amidst the drop in fuel prices in the world market is attributed to delays of price increases on the local market, given the plight of the people. Though the delays started in the 3rd quarter of 2021, between the months of April and June 2022, in particular, the Government of Sint Maarten held off on 2 price changes (increases), while the prices on the international market continued to rise. This action resulted in significant accumulated losses for the main wholesaler. The main wholesaler has now informed the government of the pending decreases in fuel prices and as such regular price changes will now resume.
The Ministry of TEATT wants to remind the public that the price of fuel is influenced by a plethora of factors outside of our control and that as a non-oil producing country, like many others, we will feel the brunt of these external factors. While prices internationally continue to drop, prices continue to remain volatile.