The Ministry of Industry and Commerce lowered fuel prices for the first time in seven weeks. Premium gasoline will cost RD$6.40 less this coming week; regular will cost RD$6.20; and diesel will be RD$5.40 less. The Ministry of Industry and Commerce explained that the lower prices were the result of the lower prices on the international markets. The prices went into effect at midnight, Friday, 15 April and will be in force until midnight Friday, 22 April.
Propane gas in tanks of up to 100 lbs will continue to sell for RD$25 per gallon. Industrial and commercial propane will cost RD$47.32 per gallon.
The new prices were calculated on the basis of an exchange rate quoted as RD$28.95 per dollar. Every week the Ministry of Industry and Commerce reviews the prices of fuels in accordance with Article 8 of the Hydrocarbon Law (112-00) that establishes the taxes on fuels and other petroleum derived products.
Comparing the price of fuels with the exchange rate, at this time fuels are 41% to 55% higher than they were last August, while oil is only 5.5% more expensive this week. During the middle of August 2004, oil prices were averaging out at US$45.53 a barrel and today they are averaging out at US$47.84. Gasoline prices are now at US$3.60 a gallon and back in August of 2004 the price was just US$2.33 a gallon for gasoline (a 55% difference) and diesel is now US$2.40 a gallon compared to US$1.71 back in August, a 41% difference.