Saint Lucians Hit With New Gas and Diesel Price Hike as Global Oil Crisis Deepens
The Government of Saint Lucia has announced an upward adjustment in the retail prices of major petroleum products, effective June 1, 2026. The price hikes come in response to a recent surge in global crude oil prices, though the retail cost of cooking gas (LPG) will remain unchanged for the current pricing cycle. According to […] The post Saint Lucians Hit With New Gas and Diesel Price Hike as Global Oil Crisis Deepens appeared first on Saint Lucia Daily Post.
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The Government of Saint Lucia has announced an upward adjustment in the retail prices of major petroleum products, effective June 1, 2026. The price hikes come in response to a recent surge in global crude oil prices, though the retail cost of cooking gas (LPG) will remain unchanged for the current pricing cycle.
According to data provided by the government, the US benchmark West Texas Intermediate (WTI) crude oil prices increased by 5.5% over a three-week review period from May 14 to May 24, averaging US$100.72 (EC$273.64) per barrel.
In a statement made during Monday’s Pre Cabinet Press Briefing, Prime Minister Philip J Pierre, attributed the rising costs to international developments.
“This increase in oil prices was due mainly to factors beyond our control.”
He cited ongoing geopolitical tensions affecting global energy markets, including the closure of the Strait of Hormuz and “fading hopes” for a peace deal between the United States and Iran, as the primary drivers putting upward pressure on international petroleum markets.
Under the newly adjusted pricing structure, consumers will see an identical increase of 75 cents per imperial gallon for both gasoline and diesel, while kerosene will see a slightly higher jump. Gasoline increased from $16.00 to $16.75 per imperial gallon. Meanwhile, diesel increased from $16.00 to $16.75 per imperial gallon and kerosene increased from $9.66 to $10.41 per imperial gallon.
With these adjustments, Saint Lucia becomes one of the last countries in the Organization of Eastern Caribbean States (OECS) sub-region to alter its domestic petroleum prices following the sustained climb in global oil markets.
While pump prices are rising, state-funded subsidies continue to partially offset the full impact of international market rates for local consumers and businesses.
Without the current government interventions, Pierre emphasised that the price at the pump would stand at $17.61 for gasoline which is an additional $0.86 per gallon subsidised, $17.96 for diesel which is a $1.21 per gallon subsidised, and $15.98 for kerosene reflecting a $5.57 per gallon subsidy.
In contrast to motor and industrial fuels, the retail prices for Liquefied Petroleum Gas (LPG) will remain flat. Pierre noted that the government will absorb the difference to maintain price stability for households and commercial entities during this cycle.
The Prime Minister stated that the retail price of a standard 20 lb cylinder will be $34.00. Pierre noted that without the government’s current subsidy of $35.46 per cylinder, consumers would otherwise be paying the full market price of $69.46. Similar price protections remain in place across other cylinder sizes such as the 22 lb cylinder which is being held at $38.00 due to a $38.41 subsidy. The unsubsidised cost would total $76.41. The larger 100 lb cylinder is priced at $288.50, supported by a $58.82 government subsidy that offsets its true $347.32 value. Additionally, bulk LPG is being capped at $2.76 per pound, with the state absorbing $0.59 per pound to prevent the price from climbing to its market rate of $3.35.
The current pricing structure will remain in place for the next three weeks. In accordance with the country’s modified fuel price pass-through mechanism, the next scheduled review and potential price adjustment will take effect on June 22, 2026.
The post Saint Lucians Hit With New Gas and Diesel Price Hike as Global Oil Crisis Deepens appeared first on Saint Lucia Daily Post.
