The communications minister and spokesman of the government, Rothchild François Junior, confirmed Friday that the prices of petroleum products will experience a relative decline in the coming hours. 

Haiti purchases its oil from Venezuela through the Petrocaribe agreement, which allows Haiti to buy oil from Venezuela at a preferential price, and pay only half of the total sales up front while carrying the balance for 25 years. But as the price of oil continues to decline globally due to over production by the oil producing economies, Venezuela has been feeling the squeeze since its economies depends almost entirely on oil, and forced to review its Petro Caribe agreement.

The majority of the Haitian government's budget is financed by the savings of the Petro Caribe; the money that the Haitian government would normally have had to pay up front for the purchase of petroleum products, is now used to finance social and other important projects. Therefore the reduction of gas prices means a reduction of the government budget funds.

The Minister of Economy and Finance, Wilson Laleau, will take steps to revise downward the prices of petroleum products, announced the spokesman of the government as pressure to reduce oil price from drivers associations across the country continues to grow. 

 The new prices will be announced this weekend or early next week, he informed.

Minister François explained that talks were held between the Minister Laleau and the trade union sector representatives to agree on the new amounts.

The Government recognizes the impact that this will have on the public administration, for subsidized fuel for a long time, said Francois Rotchild Junior. However, he added, the authorities also want to tune in population and trade unionists who demanded the decline for some time.

The Haitian state will strive to ensure that the price of gasoline in Haiti continues to adapt to changes in the international market, said the Minister of Communication.

Furthermore, the Government of Floor-door informed that Prime Minister Evans Paul, will hold a retreat on the administrative Arcadins Coast. This meeting will happen to realign the mission and functions of each service to the priorities of the new government, on one hand, and to create harmony, coherence and synergy necessary for the institution, on the other part.