Barbadians will be paying slightly more for petroleum products in the next few days.
Effective midnight, Sunday February 7, the retail price of gasoline will increase from $2.35 to $2.42 per litre. The price of diesel will increase by six cents from $2.09 per litre to $2.15 per litre, while the retail price of kerosene will be $1.39 per litre – an increase of nine cents.
Government has a mechanism in place to adjust petroleum prices in a more timely fashion, whereby prices will be adjusted monthly by the Ministry of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce on the advice of the Division of Energy.
This mechanism is now in use and price changes will be more frequent (i.e up or down) in accordance with the imported price of petroleum products.