Effective today, Friday, October 24, motorists and other users of petroleum products in Grenada will have to spend a little extra from their pockets for gasoline and diesel. According to a release from the Prime Minister’s office, consumers in Grenada will now have to pay a total of $15.65/IG for gasoline compared with the $13.26/IG that was previously paid. The price of diesel has jumped from $13.92/IG to $16.45/IG but the price of kerosene has been reduced from $11.48/IG to $11.21. Over on the sister island of Carriacou, the gasoline price will be increased to $15.81 from $13.42, diesel from $14.07 to $16.61, while a 27 cents reduction on the kerosene price brings the cost down to $11.38. In Petit Martinique as of Friday the price of gasoline will be increased to $12.81 compared to the old price $11.42, diesel will carry of price tag of $13.61 compared to the old price of $12.07. There is also a 27 cents reduction in the price of kerosene bring the total price $11.38 The government release reported that the new retail prices are largely based on the average FOB costs; that is ex-refinery prices, for the period, July 8 - August 31, 2008. Prior to the implementation of these price changes, the government held consultations with key stakeholders including the Bus Associations, Trade Unions Council, Bakers’ Association, Non-Governmental Organizations and the Multipartite Consultation Committee. The objective of these consultations was to explain the rationale for the increases and to seek suggestions and support to minimize the impact of these increases on the population. The government recorded its appreciation for the constructive nature of these consultations and the willingness of key stakeholders to make some sacrifices at this challenging time. Government in its release specially recognized the Bus Associations which have agreed not to increase bus fares at this time. In recognition of this sacrifice, the Minister of Finance will consider ways to reduce the cost of business for bus operators, including costs of tyres and taxes on insurance premiums. The suggestions of the other stakeholders are also being considered. “Government has listened to stakeholders and was very mindful of the impact of fuel price increases on all consumers and especially households. As a consequence, there will be no increase in the price of cooking gas,” the release added. The government said it will continue to closely monitor global prices and will adjust prices in accordance with subsequent market price movements. If the downward trend in crude oil prices continues, the government anticipates that with there may be reduction in the price of petroleum products at the next review in December. Reprinted from Caribbean Net News caribbeannetnews.com