Petroleum prices increase for May

Barbadian consumers will be paying more for petroleum products, effective midnight, Sunday, May 1.

The price of gasoline will be $4.38 a litre, an increase of 25 cents.  Diesel will cost $4.03, and kerosene, $2.40, an increase of 58 cents, and 29 cents, respectively.

Meanwhile, the adjusted price of the LPG 100-lb cylinder will be $176.58.  The 25-pound cylinder will retail at $49.25; the 22-pound cylinder, $43.50, and the 20-pound cylinder, $39.55. These changes are in keeping with the retail prices of these products on the international market.

Government announced the capping of the Value Added Tax on gasoline and diesel in this year’s Budget and Financial Proposal, in an effort to protect consumers from the full increase of refined petroleum products. However, in light of increasing oil prices internationally, the prices had to be adjusted upward for May.