The Ministry of Energy has advised that the price of liquid petroleum products has increased, effective midnight, Sunday, October 27.
The retail price of Liquid Petroleum Gas has been adjusted from: $176.45 to $184.87, per 100lb cylinder, an increase of $8.42; $49.21 to $51.32 per 25lb cylinder, an increase of $2.11; $43.47 to $45.32 per 22lb cylinder, an increase of $1.85; and $39.52 to $41.20 per 20lb cylinder, an increase of $1.68.
The Cabinet at its meeting on June 5, 2008 agreed to a mechanism to adjust prices in a more timely fashion, on the advice of the Division of Energy and Telecommunications. This mechanism is now in use and price changes will be more frequent at the pump (up or down) in accordance with the imported prices of the products.
Over the past month, the cost of these products has altered; and Government, through the Division of Energy and Telecommunications, consulted with the Barbados National Oil Company Limited and decided it was necessary to adjust retail prices for October 2013.