Down goes gas prices
World drowns in oil-political instability in Venezeula
Prices of petrol, diesel and kerosene dropped again this week, making prices in February 2016 the lowest over the past 13 months.
From 1st February 2016 Dominican drivers have to pay $9.67 per gallon i.e. 18 cents less than January December when the cost of a gallon of petrol was $9.85.
In addition the price per gallon of diesel decreased by 16 cents per gallon from $8.72 to $8.56.
Kerosene prices dropped as well, by 26 cents (from $7.53 per gallon to $7.27).
As we have reported, the prices of petroleum products have been rising and falling in Dominica throughout 2015 and that trend continues in 2016.
The average price of petrol in 2015 was $12.84.
As the Economist magazine reported recently "the world is drowning in oil" and so over the past 18 months prices of crude have dropped by 75% from US$110 per barrel to below US$27. But all is not well with the world economy with cheap oil. Oil dependent economies like Venezuela and Trinidad and Tobago, especially Venezuela, cheap oil can bring political instability.