Energy Ministry: No increases in retail prices for cooking gas

    Stock image

    Cooking gas, or LPG, will remain at current prices, according to the Energy Ministry.

    103.1FM News contacted the Ministry today to clarify the situation following the circulation of a video on social media featuring Minister Franklin Khan.

    However, the edited video shows the minister talking about the pricing mechanism but stops short of his assurance that prices will remain unchanged for consumers.

    Here is the unedited statement of the Minister on LPG pricing.

    Furthermore, in a media release today, the Ministry clarifies that Mr Khan’s comments in the Senate were to reiterate that the price of LPG is heavily subsidized on the domestic market.

    It assures that only the pricing mechanism at which the National Petroleum Marketing Company purchases LPG for the local market is being considered for adjustment so that it is reflective of market prices.

    The Ministry says that when the pricing is adjusted, NPMC will continue providing LPG to the local market at a lower price than the market price, with the anticipated extra cost being borne by government through the Petroleum Production Levy and Subsidy Act.

    It reiterates that this cost increase will not be borne by the public and prices of LPG tanks for cooking gas will remain at TT$21 for a 20lb tank and TT$105 for a 100lb tank (plus TT$25 for transport and handling for the 100lb cylinder).

    You can also view Part 3 of the sitting of the Senate during which the Minister’s initial statement was made.