PRESS RELEASE - The United Workers Party is very cognizant of the debilitating effect on consumers of the unrealistic fuel prices maintained by the Kenny Anthony Administration prior to the February 9, 2015 adjustment forced by demands and pressure from a determined population.
There is no doubt that the current reduced prices of fuel and cooking gas are due in large measure to the huge success of the January 29th.
The UWP finds logic in an approach which seeks to pass on maximum benefits from the protracted downward trend in crude oil prices to consumers already reeling under spiraling commodity prices.
With such an approach local house-hold and commercial consumers are able to divert “newly found” available income into new areas of economic activity.
Spending towards the acquisition of additional goods and services can only have the effect of stimulating the domestic economy which has been in a comatose state for some time.
It is well known that international experts are suggesting that oil prices per barrel are expected to fall even further in the short-term.
Recent information suggest that OPEC has forecasted that demand for its oil will hit a fourteen (14) year low of 28.2 million barrels a day in 2017.
This would be 600,000 below its forecast a year ago and down from its current output of 30.7 million. The trend is therefore clear, that we are indeed in the midst of an era (at least in the short-term) of low fuel prices.
Noted industry analysts, media agencies and surveyors such as: Bloomberg, Goldman Sachs, Reuters, Citigroup and Barclays all point to projected historic lows in oil prices.
It is only fair therefore that Saint Lucian consumers be allowed to benefit from a reprieve that will enable them to take initiatives as entrepreneurs and private citizens to improve their standard of living.
The United Workers Party expects that Prime Minister Anthony will be guided by continuing global trends and take the decision at the next due adjustment to reduce fuel prices even further.
In the February 9th Office of the Prime Minister the following was stated: “In this current period of lower fuel prices, the Government will apply the pass through mechanism every three weeks to allow consumers to benefit from any further downward movement in prices”.
The signs are clear. This is not the time for Government to glean profits beyond the established tariffs. Further reduction in fuel prices will allow Saint Lucians to boost their spending power in new avenues which will help to breathe life into our desolate economy.