WILLEMSTAD – Motorists in Curaçao will pay less at the pump starting Tuesday, July 28, as gasoline and diesel prices are set to decrease due to lower international fuel prices. At the same time, electricity tariffs will increase slightly from August 1, according to the Regulatory Authority of Curaçao (RAC).
The price of Mogas 95 gasoline will drop by nearly 12 cents per liter, from NAf. 2.66 to NAf. 2.54 per liter.
Diesel prices will also decrease, although the reduction will be smaller. The price will fall by slightly more than two cents per liter, from NAf. 2.16 to NAf. 2.13 per liter.
According to the RAC, the lower fuel prices are mainly the result of declining international market prices. The monthly tariff adjustments are based on several factors, including international purchase costs, fuel reserves and corrections for previous differences between estimated and actual costs.
Changes will also affect utility bills beginning August 1.
The water tariff will decrease slightly. For households with average consumption, the price will fall to approximately NAf. 13.57 per cubic meter.
Electricity prices, however, will move in the opposite direction. The tariff for average household consumption will increase from nearly 70 cents to slightly more than 71 cents per kilowatt-hour.
The RAC explained that the increase in electricity prices is mainly related to a correction for costs from June. Although average fuel costs for electricity production decreased slightly, the correction factor resulted in a higher final tariff.
The RAC reviews fuel and utility tariffs every month, taking international market developments and local production costs into account. The proposed tariffs are submitted to the Council of Ministers for approval before being formally established by the Minister of Economic Development, who is responsible for energy affairs.