As you are aware, the price of unleaded gasoline, diesel and kerosene were adjusted downward on January 11th, 2009 to Bds $1.74 per litre, Bds $1.68 per litre and Bds $0.99 per litre from Bds $1.90 per litre, Bds $1.99 per litre and Bds $1.27 per litre respectively in line with falling international prices for these products.
The current CIF price on imports for the products (gasoline, diesel and kerosene) is $0.69 per litre for gasoline, $0.85 per litre for diesel and $0.89 per litre for kerosene compared to the previous latest CIF of $0.58 per litre for gasoline, $0.85 per litre for diesel and $0.89 per litre for kerosene.
In its policy of allowing retail prices to be reflective of those on the international market, Government is taking this opportunity to increase the retail price of these products. This increase in price is due solely to an increase in the CIF of these refined products.
Effective midnight January 31, 2009, the retail price of gasoline will be increased from Bds. $1.74 per litre to Bds $1.88 per litre, diesel from Bds $1.68 per litre to Bds $1.78 per litre and kerosene from Bds $0.99 per litre to Bds $1.04 per litre. The increase is 14 cents per litre in the case of gasoline, 10 cents per litre in the case of diesel and 5 cents per litre in the case of kerosene.
The Cabinet at its meeting on June 5, 2008 agreed to 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.
This mechanism is now in use and price changes will be more frequent at the pump (i.e. up or down) in accordance with the imported prices of the products.