The crude oil used as a reference for fuel prices in the Dominican Republic is known as West Texas Intermediate. It is currently above US$110 a barrel. However, it has been a recent policy of the Abinader administration to temper the local fuel price through government subsidies. The government reports having spent over RD$15.7 billion on this program. The government action has prevented Dominican car and motorcycle owners from “sticker shock” of well over RD$100.00 in fuel increases.
The recent price hike for the West Texas Intermediate Dominicans would put gasoline prices at US$6.44 a gallon. Nevertheless, the regular gasoline is, instead very close to US$5.00 per gallon.
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El Caribe
30 May 2022