Barbados and Belize reduce fuel prices

BRIDGETOWN, Barbados, October 4, 2006 - This week Barbadians and Belizeans are enjoying lower gas prices. The two governments took opportunity of reduced international crude oil prices to pass on savings to the consumers.

In Barbados the cost of gasoline dropped by 95 cents per gallon, and diesel and kerosene by 34 cents per gallon. The cost of gasoline is now $8.36 per gallon, diesel is $5.98 per gallon, and kerosene is $5.37 per gallon.

An official of the Ministry of Energy explained that the move was consistent with the fall in price on the international market and government’s policy to pass on the benefits of any decrease, whilst shielding consumers from price increases and controlling inflation. 

He said that diesel will continue to be subsidized in "an ardent effort" to keep public transport costs at a minimum and to encourage competitiveness in industrial enterprises.

In Belize, premium gasoline is now $9.72 per gallon or 81 cents per gallon cheaper; regular gasoline is now $9.29 per gallon or 77 cents cheaper; kerosene is 85 cents per gallon cheaper now retailing at $5.78 per gallon; and diesel is $6.78 per gallon - 77 cents cheaper.

Barbados reduced its price Tuesday while the new Belizean rates came into effect Sunday.

The Belize government said that the reduction in pump prices follows a decrease in world prices for these products. This is the second fall in prices in the last five weeks, prices having also slightly decreased in the last shipment of fuel that arrived into the country in early September.

Both currencies are pegged at $2 to one US dollar.