WILLEMSTAD – The sharp increase in fuel prices set to take effect on May 5 is directly linked to higher international oil market prices and not a local government decision, according to the Regulatory Authority of Curaçao (RAC).
In a detailed explanation released Thursday, the regulator clarified that Curaçao’s fuel prices are based on a regulated pricing model made up of multiple components, including purchase price, import taxes, excise duties, dealer margins and recovery adjustments.
The RAC said the main driver behind the latest increase is the rising purchase price of fuel on international markets, largely caused by ongoing war-related disruptions in the Middle East.
The regulator explained that gasoline and diesel prices on Curaçao are not calculated based on daily fluctuations, but on fuel stock levels and purchase prices from previous weeks.
That means the prices for May are based primarily on stock and purchasing data from the end of March.
When the actual purchase price later turns out to be higher or lower than projected, the difference is corrected afterward through what RAC calls the “overschot/tekort” (surplus/shortfall) recovery mechanism.
That correction system is designed to prevent sudden price shocks while maintaining supply continuity.
The regulator stressed that the global diesel market remains particularly vulnerable due to supply disruptions caused by geopolitical instability.
This explains why diesel prices continue rising faster and more aggressively.
RAC emphasized that its role is independent and technical.
The regulator advises the Council of Ministers on the tariff structure, but final approval is made by government and formally established by the Minister of Economic Development.
For motorists, however, the reality remains immediate: higher prices at the pump beginning Tuesday.
Gasoline will rise to 2.49 guilders per liter and diesel to 2.57 guilders.
The RAC says the increases reflect global realities that Curaçao, as an import-dependent island, cannot escape.