Effective midnight August 1, the retail price of gasoline will be slightly increased from Bds. $2.39 per litre to Bds. $2.41 per litre. However, kerosene will be adjusted downward from Bds. $1.34 per litre to Bds. $1.33 per litre.?? The adjustment is $0.02 per litre in the case of gasoline, and $0.01 per litre in the case of kerosene. Diesel prices remain unchanged at $2.09 per litre.

In its policy of allowing retail prices to be reflective of those on the international market, Government is taking this opportunity to adjust the retail prices of these products.?? This adjustment in retail price is due solely to an increase in the cost of insurance and freight of these refined products.

On June 5, 2008, the Cabinet of Barbados 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. clashley@barbados.gov.bb

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