The Government of Antigua and Barbuda has accumulated more than EC$6 million in outstanding payments to the West Indies Oil Company (WIOC) as it continues to shield consumers from rising fuel costs driven by volatility in the global energy market.
According to Antigua News Room, Prime Minister and Finance Minister Gaston Browne confirmed that the Government has been covering a portion of fuel costs for several months to prevent significant increases in the retail prices of gasoline and diesel.
"We have been paying WIOC to keep prices under control. Right now we owe the company over $6 million," Browne said.
The Prime Minister explained that without government intervention, motorists and businesses would likely be paying considerably more at the pumps due to rising international oil prices. The administration chose to absorb the additional costs rather than pass the full burden on to consumers.
"This is a very benevolent position taken by my administration to contain the price of diesel and gasoline for the benefit of the people, but it is hurting us financially," Browne said.
Despite ongoing global energy market volatility, Browne stated that Antigua and Barbuda continues to maintain some of the lowest fuel prices in the region. He described the subsidy policy as a measure to protect the broader economy from sudden price spikes and to preserve consumer purchasing power.
However, Browne cautioned that if international oil prices remain elevated for an extended period, the Government may face growing difficulty in sustaining the current level of financial support.
