Fuel prices in Suriname rise to record high

PARAMARIBO, Suriname, CMC –The Government has announced an increase in the price of fuel products even as the Dutch-speaking Caribbean Community (CARICOM) country battles with rising prices for basic goods and services.

The authorities said that the new prices would go into effect Thursday and will result in a litre of gasoline, though subsidised by the government, increasing from SRD$22.51 to SRD$24.76.

The price for a litre of super unleaded moves from SRD$26.31 to SRD$30.41, while the price of a litre of diesel remains the same at SRD$19.87 with the government indicating that the subsidy for fuel is SRD$6.58 per litre.

If the subsidy is removed, the price of a litre of diesel is SRD$26.45.

The Ministry of Finance and Planning said that international oil price has 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 litre for diesel and SRD$26.81 per litre for unleaded petrol, respectively,” the ministry said.

The government said that the subsidies are intended to protect citizens and businesses against the turbulence on 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 been suffering from a serious financial and economic crisis for several months.

In 2020, immediately after taking office, the new government turned to the International Monetary Fund (IMF) for financial assistance.

In December 2021, a financial aid programme to support the economic recovery programme implemented by the Santokhi administration was approved and the IMF is making US$675 million available to Suriname for a period of three years.

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