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Wednesday, 01 December 2010 09:06

Barbadians to dig deeper into their pockets to pay for Petroleum Products Featured


The retail price of (LPG) has been increased from Bds. $146.55 per 100lbs cylinder to Bds $148.72; from Bds $39.23 per 25lbs cylinder to Bds $39.82 and the 20lbs cylinder from Bds $31.38 to Bds $31.86.

The increase in these prices took effect from midnight last night November 30th 2010.

This amounts to an increase of $2.17 per 100lbs cylinder, $0.59 per 25lbs cylinder and $0.48 per 20lbs cylinder.

In addition, the retail price of gasoline will move from Bds $2.44 per litre to $2.76 per litre; diesel from Bds $2.24 to Bds $2.39 per litre; and kerosene will be adjusted from Bds $1.45 per litre to Bds $1.51 per litre.

During his Financial Statement and Budgetary Proposals 2010, the Minister of Finance announced that the Environmental Levy will be discontinued and that the Value Added Tax (VAT) will be increased from 15 per cent to 17.5 per cent.

 

Both these elements have affected the price structure of liquefied petroleum gas (LPG).

The changes are also in keeping with Cabinet’s decision on June 5, 2008 to employ a mechanism to adjust prices in a more timely fashion, whereby prices will be adjusted monthly by the Ministry of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce on the advice of the Division of Energy.

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