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GAS PRICES IN CURACAO
Summary: A glance at Curacao's gas prices and other related information.
Since Curacao has its own oil refinery, does that mean that gas prices in Curacao would be cheaper? Who set the prices and what are their bases?
Gas prices in Curacao are basically set by the island's government. It has the crucial power to determine the prices of oil products such as gasoline and gasoil. When these prices are set, these are then released to the public. Prices are fixed for a period of three months before another price change is done.
Curgas which produces propane is the daughter company of Curoil, Curacao's oil refinery. Pricing oil products from Curoil, are dependent on several bases. Central government taxes, OB and excise, are the primary bases for gasoline prices in Curacao. For Regular gasoline, central government tax is roughly 43.3% of the entire price or about 77.97 cents/liter, 63.00 cents/liter of which is the excise tax and the remainder of which is the OB tax. This shows that the central government gets almost half of the gasoline prices.
Aside from these government taxes, there are also other factors in setting gasoline prices in Curacao. The fixed factors are the excise government tax, the Curoil margin at 6.00 cents/liter for Regular gasoline, and gas station margin at 12.35 cents/liter. The OB tax, the purchase price, which is the price paid to the oil supplier, and the correction factor are the unstable factors that will adjust with every price change.
Therefore, a price change would mean there were price changes in the purchase price and the correction factor. The gasoline prices will be applied with a 5% OB which is taken from the altered prices of these two varying factors. The following gasoline prices based on consumer price are quoted in NAf cents per liter: Regular 92 - 176.60, Super 95 - 180.10, Kerosene 110.00, and Gasoil (Diesel) - 92.00. Domestic gas prices in Curacao quoted in NAf/cylinder are as follows: 100 lbs - 51.70 and 20 lbs - 12.70.
Note that Curacao's currency the Netherlands Antilles Florin (NAf) or sometimes called the Antillean Guilder is at this rate: NAf 1.79 is equivalent to $1. Curacao's florin is equal to a hundred NAf cents.
Definitely, oil products are cheaper in places that have their own oil refineries. The gas prices in Curacao so with its gasoline, may not differ immensely with those of other countries but their system of setting the prices and maintaining it at that for a period of three months provide a big help to Curacao's economy in general. Individual consumers and businesses are being spared from having to worry about fluctuating gasoline and other gas prices in Curacao knowing well that gasoline are going to be kept stable at the local gas pumps for three months.
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