August 19, 2022 | By Colin O. Jarrett |
Consumers in Barbados will pay less for gasoline and diesel starting today as Prime Minister Mia Mottley announced that the price of fuel at the pump will be capped for the next five months.
Gasoline will cost $4.48 per liter, while diesel will cost $4.03 until January 31, 2023. During a wide ranging press conference on Monday, Miss Mottley said the cap on the Value Added Tax, VAT on gasoline and diesel, which was put in place five months ago, will be kept in place.
Prime Minister Mottley added that, periodically, government would have to make whole the Barbados National Oil Company, the importers of the products. She stressed that this adjustment was necessary to give some level of predictability to consumers and those people whose livelihood depended on gasoline and diesel.
Prime Minister Mottley pointed out that there had been a decline in prices, so government was not capping at the highest possible price.