Petrol prices to remain unchanged in Antigua and Barbuda despite global oil price spike 

Antigua and Barbuda: Prime Minister Gaston Browne of Antigua and Barbuda has made a major announcement, stating that petrol prices will remain at the same levels despite the recent spike in global oil price in the wake of the war in the Middle East.

He said that motorists in Antigua and Barbuda will continue to pay $14.50 per gallon for gasoline and $14.25 for diesel and the prices will remain stable as of now.

According to the Prime Minister, the government will cushion the impact on motorists by absorbing the raised costs on imports of finished petroleum products instead of passing them to the citizens.

The announcement was made during the Browne and Browne Show on Pointe Broadcasting Network on Saturday afternoon in which he told listeners that the decision means government will be collecting less revenues from the special consumption taxes on these imports.

PM Browne noted that the move is aimed at protecting the cost of living for residents as well as maintaining economic stability in the country.

Notably, the BBC News said that oil prices climbed back above $100 per barrel on Tuesday after the new supreme leader of Iran vowed to keep blocking the major Strait of Hormuz shipping route. Brent crude also increased around 9 percent in volatile trading after it reached $101.4 per barrel.

The United States of America and Israel launched attacks on Iran two weeks ago and this triggered retaliatory strikes by Iran on US bases in nations of the Persian Gulf and Israel.

The escalating conflict has also caused serious disruptions in global energy markets as analysts are warning that restrictions around the Strait of Hormuz could significantly affect oil supply worldwide. Nearly 20 percent of the world’s oil supply normally passes through this narrow shipping route which makes it one of the most critical energy chokepoints in the global economy.