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Curoil as the supplier and distributor of fuel products is responsible for the purchasing of fuel products for the Curaçao and Bonaire communities.

The retail prices for fuel and LPG products are set by the Local Governments of Curaçao and Bonaire. On a monthly basis Curoil will present a proposal for an adjustment in the prices to the island government of Curaçao according to the average purchasing price for fuel in the previous month.

Mayor participants to set the fuel and LPG price on Curaçao:

• Curoil is responsible for purchasing and preliminary price setting, based on a 30-day average purchasing price. Curoil will submit the proposal of a price change to the local authorities.

• An external accountant is responsible for the financial control and specific price check of the proposed price change submitted by Curoil. This report is also submitted to the local authorities.

• The Department of Economic Affairs (Dienst Economische Zaken) is responsible for the analysis and control of the preliminary Curoil price proposal. The Department advices the government regarding each price proposal.

• The Legal Department will than check the proposal of the Department of Economic Affairs and will scrutinize the final legal ordinance that has to be approved by the local government.

• The local Government of the island Territory of Curaçao (Bestuurscollege-BC) will decide on the advice granted by the Department of Economic Affairs and the Legal Department.

For a description of the different components of the price of fuel as posted by Curoil NV please read the following:

Purchase price
The Purchase price is the price that Curoil pays for one liter of fuel per product, based on the purchase date.

Margin Curoil
Is the fixed margin stipulated by the Island Government of Curaçao for every liter of fuel that is sold by Curoil.

Central Government taxes The fixed amount of tax imposed by the Central Government for every liter of fuel sold.

O.B (5%) The turnover tax (5 %) on every liter of fuel that is sold by Curoil.

Recovery index The amount that should be recovered by Curoil and which resulted as a difference between the official price (stipulated by the government) and the daily market price. This also includes round off differences.

Margin gas stations A fixed margin stipulated by the Island Government of Curaçao for every liter of fuel sold by the gas stations.

O.B (5%) gas stations A turnover tax (5 %) on every liter of fuel sold by the gas stations.

Margin Dealer (gas) A fixed margin stipulated by the Island Government of Curaçao for every cylinder LPG 100 and 20 LBS of gas sold by Curgas and a dealer. Please note that only 20 lbs cylinders are sold by dealers.