It is the rising cost of oil – and not any profit drive – that is fuelling the hike in electricity bills, says the Barbados Light & Power Co. (BL&P).
And chief marketing officer Stephen Worme says while Barbadians reduced their overall energy usage slightly so far this year when compared to last year, the company still had to pump more money into buying fuel to service the island’s needs.
“We paid a lot more for fuel this year than last year. So while there was a reduction in the quantity of fuel used, when you compare our costs in, say January last year to July 2011, the fuel component has gone up over 60 per cent.”
He added that while BL&P paid the Barbados National Oil Co. (BNOC) an average price of $1 066.50 per ton for Bunker C in January 2010, it had risen to $1 474.93 by July this year. (BW)
Full story in today’s SUNDAY SUN.
