OECS adopts common fuel prices policy

Jul 31, 2006 02:00 AM

Increases in the price of fuel in the Organisation of Eastern Caribbean States (OECS) will now be passed on directly to consumers, but they will also benefit from lower prices following any decrease in world petroleum prices, according to a new common policy.
Member countries of the Eastern Caribbean Central Bank (ECCB) have all agreed to adjust prices of petroleum products through the implementation of a full pass-through pricing mechanism, an OECS release stated.

The decision to implement the full pass-through pricing mechanism was taken at the 56th meeting of the Monetary Council of the ECCB which was held in St Vincent and the Grenadines on July 21.
During that meeting, the release stated, the Monetary Council agreed to implement policy decisions that would minimize the impact of rising oil prices on vulnerable groups and to explore the possibility of establishing a fund that will mitigate or cushion the impact of rising oil prices on OECS economies.

Inevitably, the new common policy will require adjustments to the price of fuel in all OECS countries, particularly in St Lucia and St Vincent and the Grenadines, where the retail price of unleaded gasoline and diesel is lowest among all member countries of the ECCB.

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