The Ministry of Energy has advised that the price of petroleum products will increase, effective midnight, Sunday, September 22.
The retail price of gasoline will increase from $3.26 per litre to $3.37; the cost of diesel will increase to $2.80 per litre, up from $2.70; while the kerosene per litre cost will rise from $1.79 to $1.83. This represents an 11 cent increase for gasoline, 10 cent increase for diesel and four cent increase for kerosene.
In addition, the retail price of liquid petroleum gas will be adjusted from $165.73 to $176.45 per 100 lb cylinder; $46.53 to $49.21 per 25 lb cylinder; $41.10 to $43.47 per 22 lb cylinder and $37.36 to $39.52 per 20 pound cylinder.
This represents increases of $10.72, $2.68, $2.37 and $2.16, respectively.
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 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 (i.e up or down) in accordance with the imported prices of the products.
Over the past month, the cost of said products have altered and the 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 September 2013.