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May 08, 2008 (BBC Monitoring via COMTEX) -- KINGSTOWN, St Vincent, CMC - St Vincent's Opposition leader Arnhim Eustace called for urgent steps to buffer the increase of rising oil prices as consumers received the news they would have to pay more for fuel products from next Monday.

Gasoline prices jump from 12.60 EC dollars (4.75 US dollars) to 14.00 EC dollars (5.28 US dollars) per litre; the diesel price jumps from 10.35 EC dollars (3.90 US dollars) to 13.25 EC dollars (5 US dollars); and the price of kerosene is now 13.90 EC dollars (5.24 US dollars), up from 10.60 EC dollars (4 US dollars).

"You can't do anything about the price of oil but I still maintain that we can control Value Added Tax (VAT) and more reprieve needs to be given to citizens," the New Democratic Party (NDP) leader said on the heels of the announcement.

He insisted that VAT must be removed from more food items to enable Vincentians to survive in the face of the spin off of the fuel price increases, including a possible hike in electricity rates.

Eustace told the Caribbean Media Corporation (CMC) that he was very concerned about what the escalating costs would do to the Vincentian economy.

"Every sector of the economy will be affected," the opposition leader warned.

He said he was preparing to speak about his concerns at a town hall meeting next week.

"I will be revealing some proposals, some short term, some long term, to deal with the economy and the escalating rate of inflation," Eustace said.

Source: Caribbean Media Corporation news agency website, Bridgetown, in English 1840 gmt 8 May 08

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