WATERBURY, Conn. – A drop in oil prices will equate into a
savings of nearly $750,000 for Waterbury taxpayers after the city locked into fuel
prices of less than $2 a gallon for gas and diesel for the next fiscal year,
Mayor Neil M. O’Leary announced.
The city recently locked into per-gallon prices of about $1.98
for diesel and about $1.91 for 87 Octane gasoline for the 2016-17 Fiscal Year for
use by the city’s fleet of vehicles. Recent falling oil prices means the city
will save $548,000 over this year’s prices after agreeing to purchase 630,000
gallons of diesel, and another $199,200 with the purchase of 230,000 gallons of
The total savings over the current year’s costs will be
“That’s a savings of nearly three-quarters of a million
dollars,” Mayor O’Leary said. “We are always looking for new ways to save money
for our taxpayers. We’re happy to find those savings anywhere and everywhere we
The City locked in the low prices with the Dime Oil Company
of Waterbury after discussions among Purchasing Director Rocco Orso, Finance
Director Michael LeBlanc and Senior Mayoral Advisor Kevin DelGobbo.
They agreed that, although oil prices could continue to
fall, now was the time to lock into low prices because oil markets could see
some volatility in the coming months and year.
“We decided to limit our downside risk and take the savings
we had in hand,” DelGobbo said.
“Current oil prices could double by July 1, 2016 but the
city will still be locked into these low prices,” Orso noted.