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 efforts to shield consumers from higher fuel prices driven by fluctuations in the global energy market.

Prime Minister and Finance Minister Gaston Browne said 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.

He explained that without government intervention, motorists and businesses would likely be paying considerably more at the pumps due to rising international oil prices.

Browne said the administration opted to absorb the additional costs rather than transferring the full burden to consumers, describing the measure as part of a broader effort to ease pressure on households 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,” he said.

According to the Prime Minister, Antigua and Barbuda continues to maintain some of the lowest fuel prices in the region despite ongoing volatility in global energy markets.

He said the policy is intended to protect the economy from sudden fuel price spikes and help preserve consumer purchasing power.

However, Browne cautioned that if international oil prices remain elevated for an extended period, the Government may face increasing challenges in maintaining the current level of support.

This article was originally published by Antigua News Room. Read the original article here:

Antigua and Barbuda Owes WIOC EC$6 Million as Fuel Subsidies Continue
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