Gas and diesel prices fall

Motorists will, from midnight Thursday, see the effects of Government’s recently announced cap on the price of fuel at the pumps.

That’s when the retail price of gasoline drops by 44 cents to $4.39 per litre, while the cost of diesel will decrease by 43 cents, to be retailed at $3.85 per litre. Kerosene remains at $2.36 per litre.

On Monday, Prime Minister Mia Mottley announced that Government had decided that the retail prices of gasoline and diesel would not go above $4.48 per litre and $4.03 per litre, respectively, regardless of the price on the international market.

She had made it clear that if prices fell below the cap – which remains in place until at least January 31, 2023 – the reductions will be passed on to the consumer.

When calculated, the retail prices fell below the cap, hence the latest decrease in prices.

Government said the capping will bring some level of predictability to retail prices of gasoline, while shielding consumers from the full increase of refined petroleum products.

“While things are difficult even for the Government, we feel that we have an obligation to shield Barbadians more,” Prime Minister Mottley had said when she announced the cap. (BGIS/BT)