Business
DLP Urges Ease in Fuel Prices in Barbados Amid Global Oil Price Decrease
The Democratic Labour Party (DLP) urges for fuel price reduction in Barbados, citing stagnant prices despite global oil cost decreases. Senator Ryan Walters highlights concerns and calls for transparency from the Energy Minister.
2 min read
Originally published by nationnews.com (opens in new tab)
The Democratic Labour Party (DLP) has reiterated its call for an ease in fuel prices in Barbados.
In a statement yesterday, Opposition Senator Ryan Walters said yesterday marked an exact year since fuel prices changed and there had not been an ease since, despite lower oil prices across the globe.
“September 3, 2024, marks a full year without any change in the cost of gasoline and diesel. Gauging from the public response to my analysis, this issue is extremely worrisome to Barbadians,” he added.
“Since September 2023, we have not benefited from the global reduction in the price of a barrel of oil. The global cost is one of the main determining factors influencing our price fluctuations and what we must pay at the pump.”
He asked Barbadians to turn their attention to the adjustments downwards on the imported cost of heavy fuel oil, noting that the monthly Fuel Clause Adjustment (FCA) calculation on the Barbados Light & Power’s website showed two things. Firstly, there were periodic adjustments post-September 2023, and secondly, those adjustments in each month showed a decline in value when compared to September 2023.
Walters said the monthly FCA calculations from October 2023 to June this year were lower than that of September 2023 by as much as 26 per cent in one instance, 21 per cent in another and 17 per cent lower
in yet another.
“On average, the FCA calculation over the last nine months was 18 per cent below that of September 2023. If this information is to be any indication of what one could expect with the price of gasoline and diesel, consumers should have seen declines at the pump a long time ago,” the senator argued.
He called on Minister of Energy Senator Lisa Cummins to give Barbadians an account on the pressing issue, which he said was inflating an already high cost of living for every household in Barbados.
“This cost too has impacted on small to medium-sized businesses that depend heavily on fuel for their businesses to operate. A year is too long, the fuel prices are too high. This is a burden felt by all of us.” (BA/PR)
