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Come Friday, consumers in Barbados will pay less for gasoline and diesel.
Prime Minister Mia Amor Mottley announced that the price of gasoline at the pump will be capped at $4.48 per litre, while diesel will be $4.03, until January 31, 2023.
Addressing a news conference on Monday, Mottley said the cap on the Value Added Tax on gasoline and diesel, which was put in place five months ago, would be kept in place.
“We are going to extend that cap at least until the 31st of January, and we are doing that, recognising that Barbadians do need to be shielded some more,” she stated, while noting that things were difficult even for the government.
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“We feel that we have an obligation to shield Barbadians more,” Mottley stated.
“We will now place a cap on the price of gasoline and the price of diesel at the pump and we will hold to that higher price until the 31st of January. To be very precise, if the prices fall below that cap, all of those reductions will be passed through to the consumer. If the prices go above that cap, the Government will hold the line and keep the cap in place,” the Prime Minister declared.
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She pointed out that there had been a decline in prices, so Government was not capping at the highest possible price.
“The $4.83 at the pump that you are paying now for gasoline is at a far higher price than what is currently available and to that extent we will absorb the loss on that, because those prices were to have remained in place until the end of January. Since then there was a shipment that came in a little lesser; we believe that we need to cap it at the lesser amount…,” Mottley said.
SOURCE: Barbados Government Information Service/ SLT
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