Fuel prices in Antigua and Barbuda may have to increase as the government struggles to continue absorbing rising petroleum costs, Prime Minister Gaston Browne has warned.

Browne said the government has lost more than EC$30 million in revenue over the past six months while keeping fuel prices unchanged and shielding consumers from increases on the international market.

Speaking Saturday on the Browne and Browne Show, Browne said the government also has an outstanding liability to the West Indies Oil Company arising from its decision to maintain the existing prices.

“We have a liability owed to West Indies Oil Company in order to maintain the current price of $14.25 and $14.50 for diesel and gas, respectively,” Browne said.

He said Antigua and Barbuda continues to have among the lowest gasoline and diesel prices in the Caribbean, excluding Guyana and Trinidad and Tobago.

However, Browne warned that the government may be unable to continue supporting the prices indefinitely.

“I have to admit, I don’t know how much longer we can sustain that,” he said. “We’re going to have to have a conversation at some point, and we may just have to increase the price.”

The prime minister attributed the pressure to elevated international petroleum prices and the continued war in Iran.

He said an agreement reached several months ago had created expectations that the conflict would end, but the situation remained unsettled and continued to affect countries worldwide.

Browne said the government remained hopeful that the conflict would be resolved before the end of the year.

He estimated that, in addition to the EC$30 million in lost government revenue, the amount owed to the West Indies Oil Company could be about EC$10 million.

“Assuming that’s another $10 million, a $40 million loss is significant,” Browne said.

The prime minister did not announce a date or the amount of any possible fuel-price increase.

This article was originally published by Antigua News Room. Read the original article here: WATCH: Fuel Prices in Antigua and Barbuda May Have to Increase, PM Browne Warns.