PARAMARIBO, Suriname –The government has announced an increase in the price of fuel products here even as the Dutch-speaking Caribbean Community (CARICOM) country battles with rising costs for essential goods and services.
The authorities said that the new prices go into effect on Thursday and will result in a liter of gasoline, though subsidies by the government, increasing from SRD$22.51 to SRD$24.76 (One SRD$=US$0.04 cent).
The price for a liter of super unleaded moves from SRD$26.31 to SRD$30.41, while the price of a liter of diesel remains the same at SRD$19.87, with the government indicating that the fuel subsidy is SRD$6.58 per liter. If the support is removed, the price of a liter of diesel is SRD$26.45.
The Ministry of Finance and Planning said that the international oil price had risen sharply in the past month, partly because of the ongoing war in Ukraine.
“If this price increase were to be fully passed on, prices …should be SRD$26.45 per liter for diesel and SRD$26.81 per liter for unleaded petrol, respectively,” the ministry said.
The government said that the subsidies protect citizens and businesses against the turbulence in the international oil market.
But it warned that the subsidies are likely to be phased out and replaced by a system of subject subsidies.
Suriname has suffered a severe financial and economic crisis for several months. In 2020, the new government immediately turned to the International Monetary Fund (IMF) for financial assistance.
In December 2021, a financial aid program to support the economic recovery program implemented by the Santokhi administration was approved. The IMF is making US$675 million available to Suriname for three years.
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