The Government of Antigua and Barbuda owes the West Indies Oil Company (WIOC) more than EC$6 million, accumulated through months of deliberate fuel subsidies aimed at shielding consumers from rising global oil prices.
Prime Minister and Finance Minister Gaston Browne confirmed the debt, explaining that his administration has been absorbing the difference between international oil market prices and what consumers pay at the pump.
"We have been paying WIOC to keep prices under control. Right now we owe the company over $6 million," Browne said.
Under normal pricing mechanisms, the surge in global oil costs would have translated directly into higher prices for gasoline and diesel. Instead, the Government has chosen to cover those increases rather than pass them on to consumers and businesses.
"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," the Prime Minister said.
Browne noted that Antigua and Barbuda currently maintains some of the lowest fuel prices in the Caribbean, even as international energy markets remain volatile. He described the policy as central to his administration's efforts to protect households and businesses from sudden price shocks and to preserve broader economic stability.
However, Browne cautioned that the subsidy arrangement may not be sustainable indefinitely. Should global oil prices continue to rise for a prolonged period, he warned, the Government may find it increasingly difficult to maintain its current level of support.
