Rising global oil prices could soon translate into higher fuel costs for consumers in Antigua and Barbuda, according to the chief executive of the West Indies Oil Company (WIOC), who says the increases are already being felt in the cost of imported fuel products.

The executive said the price of West Texas Intermediate (WTI) crude climbed by more than 35 percent before the current conflict began, rising from about $68 per barrel to more than $103.

Because WIOC imports refined products such as gasoline, diesel and jet fuel rather than crude oil, the company is already seeing significant increases in the prices it pays suppliers. Some refined fuel products have risen by as much as 70 percent, while overall cost increases are estimated at close to 50 percent.

The executive said gasoline prices in the region have already experienced a smaller spike of just over 20 percent.

WIOC noted that it does not set retail fuel prices locally, explaining that pump prices are determined by the government through the Ministry of Finance. Officials will therefore have to decide whether to pass the increased costs on to consumers.

The company also indicated that it cannot absorb the increases, as its margins are fixed by the government.

Higher fuel prices are expected to have wider economic effects, potentially increasing the cost of transportation, groceries, hardware and other goods in the heavily import-dependent twin-island state.