Minister Straughn of warns volatile fuel prices

Barbadians are facing continued uncertainty at the petrol pumps as global oil market disruptions threaten to keep fuel prices volatile, Minister in the Ministry of Finance Ryan Straughn warned on Tuesday.

The latest price hike, effective since last Friday, saw gasoline rise by six cents to $3.95 per litre and diesel increase by seven cents to $3.40.

Straughn made his remarks in the wake of the increases, which the Ministry of Energy said are consistent with government policy to align local fuel prices with international market movements. The adjustment has sparked renewed complaints among the public, especially as global oil prices have reportedly fallen in recent weeks.

“We’ve seen a lot of turbulence within the international trade market in the last few months,” Straughn said during a press briefing on Tuesday. “The extent to which our acquisition of these fuel lines is going to come from will be impacted in part by some of that.”

But he stressed that the government’s broader goal is to move Barbados away from fossil fuels altogether.

“The policy of the government really is to let us move away from fossil fuels as fast as we can,” he said. “What happens globally should not be allowed to dislocate us significantly. That is why our focus is on clean energy and long-term solutions.”

The minister acknowledged the cost-of-living pressures but emphasised the importance of prudent fiscal management, especially as the government rolls out relief measures.

“If every bit of revenue that we forgo in relation to supporting those relief efforts, it means there are things that have to be adjusted in the rest of the budget,” he noted.

Straughn also praised the growing number of Barbadians choosing hybrid and electric vehicles, describing it as evidence that the public is embracing the national drive for energy transition.

“We’ve seen a lot of people who made that personal decision to transition and we’ve had a very aggressive policy in encouraging people to move away from diesel and gasoline,” he said.

He added that the government would continue to invest in energy diversification to protect Barbadians from future shocks, particularly given the unpredictability of global fuel markets.

“There will continue to be volatility as it relates to international oil prices,” Straughn said, “but we are committed to mitigating the effects and building a system that’s more self-reliant in the long run.” (SM)