Gasoline Prices drop below $10 per gallon as oil prices fall, in steepest drop in the past five years

​Gasoline Prices drop below $10 per gallon as oil prices fall, in steepest drop in the past five years.The Trade Ministry announced that effective Monday, January 4, 2016, customers will see a reduction in the wholesale and retail prices of petroleum products.Director of Trade, Matthan Walter said for gasoline there is a decrease of 33 cents, 48 cents for diesel and, 40 cents decrease for kerosene.
 
The price of gasoline has dropped below $10 to $9.85 per gallon from $10.18 per gallon. Walter said Dominica hasn’t had such a significant decrease in the price of fuel in the last five years.The retail price for diesel, has dropped to $8.72 per gallon from $9.38.The retail price of kerosene dropped to $7.53 per gallon from $7.93.
 
Walter went on to say that in terms of Liquid Petroleum Gas (LPG), there is a decrease of 74 cents in the 20lb cylinder; $1.02 cents in the 27.5 lb cylinder; $1.11 cents decrease for the 30lb cylinder and $3.69 decrease in the 11lb cylinder. He expounded on the drop in prices, noting that usually there is a 4- week, five-day calculation, and on average the price of a barrel of oil is $37.03 cents on the international market.
 
He pointed out that a decrease bus fares is not expected “but we would also hope to realize a decrease, for example, in our electric bills.” He added that the decrease in the price of diesel, with all variables being considered, usually constitutes some decrease in what “we pay for the electricity product over that period of time.” For Liquid Petroleum Gas (LPG) cooking gas the new prices are:
 
Retail price:
20 lbs cylinder – $24.02 (was $24.76)
27.5 lbs cylinder – $32.65 ($33.67)
30 lbs cylinder – $35.53 ($36.64)
100 lbs cylinder – $115.09 (was $118.78)
 
Wholesale Price
20 lbs cylinder $23.02
27.5 lbs cylinder $31.65
30lbs cylinder $34.53
100 lbs $115.09