During his Financial Statement and Budgetary Proposals 2010, the Minister of Finance announced that the Environmental Levy will be discontinued and that the Value Added Tax (VAT) will be increased from 15 per cent to 17.5 per cent. Both these elements have affected the price structure of liquefied petroleum gas (LPG). These adjustments are to be implemented by December 1, this year.

Consequently, the following retail prices will be changed.

Effective midnight November 30, the retail price of (LPG) will be increased from Bds. $146.55 per 100lbs cylinder to Bds $148.72 per 100lbs cylinder; from Bds $39.23 per 25lbs cylinder to Bds $39.82 per 25lbs cylinder and the 20lbs cylinder from Bds $31.38 to Bds $31.86. This amounts to an increase of $2.17 per 100lbs cylinder, $0.59 per 25lbs cylinder and $0.48 per 20lbs cylinder.

In addition, the retail price of gasoline will move from Bds $2.44 per litre to $2.76 per litre; diesel from Bds $2.24 to Bds $2.39 per litre; and kerosene will be adjusted from Bds $1.45 per litre to Bds $1.51 per litre.?? The adjustment is $0.32 per litre, $0.15 per litre and $0.06 per litre upward in the case of gasoline, diesel and kerosene, respectively.

The changes are also in keeping with Cabinet’s decision on June 5, 2008 to employ a mechanism to adjust 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.??clashley@barbados.gov.bb

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