Basseterre, St. Kitts (CUOPM) — Another drop in the cost of gasoline at the SOL pumps in St. Kitts.
The Ministry of Finance announced another drop in the maximum retail price for unleaded gas from EC$12.67 to EC$10.75 per at SOL gas stations, down EC$1.92 per gallon.
This is the 10th consecutive decline since July that motorists have benefited from the SOL pumps.
A Ministry official disclosed to the Communications Unit in the Office of the Prime Minister (CUOPM) is down EC$5.21 from a high of EC$15.96 in June last year.
Oil prices continued their downward spiral to fresh five-and-a-half-year lows Wednesday, leaving equity markets struggling to recover after a recent sell-off.
On Tuesday the two main oil contracts, West Texas Intermediate and Brent North Sea crude, sank more than two dollars owing to a supply glut, concerns about the economies of Europe, China and Japan and in Greece.
In Asian trade Wednesday, WTI, the US benchmark for delivery in February, fell 28 cents to $47.65 — lows not seen since April 2009.
Brent for February dropped 31 cents to $50.79 — it’s lowest since May 2009.