St Maarten, Drop in fuel prices in effect Aug15th The Latest
St Maarten’s public will see a decrease in gas prices go into effect from August 15 (today) with a hinted further decrease expected in early September.
The delay in the price drop amidst the drop in fuel prices in the world market is attributed to delays of price increases on the local market, given the plight of the people.
Though the delays started in the 3rd quarter of 2021, between the months of April and June 2022, in particular, the Government of Sint Maarten held off on two price changes (increases), while the prices on the international market continued to rise.
This action resulted in significant accumulated losses for the main wholesaler. The main wholesaler has now informed the government of the pending decreases in fuel prices and as such regular price changes will now resume.
The Ministry of TEATT reminds the public that the price of fuel is influenced by a plethora of factors outside of its control and that as a non-oil producing country, like many others, St Maarten will feel the brunt of these external factors.
While prices internationally continue to drop, prices continue to remain volatile.