Government has announced measures to protect Barbadians from rising energy costs.
Barbados National Energy Company Limited (BNECL) has locked in the price of heavy fuel oil, which powers electricity generators, at US$92 per barrel for the next three months, says Minister of Finance Ryan Straughn in the Budgetary Proposals and Financial Statement.
The move is intended to shield the public from international fuel price spikes and will be reviewed after three months.
Straughn said the Government would also subsidise electricity prices.
“With effect from April 1, the Government will absorb 50% of any increase in the fuel clause adjustment on electricity bills above the March 2026 rate for the next three months,” he explained.
In addition, fuel prices at the pump will be capped.
VAT collected on gasoline will be limited to 47 cents per litre, and on diesel to 37 cents per litre until 31 March 2027.
Excise taxes on gasoline will be reduced from $99.39 cents to 89.30 cents per litre, and diesel from 44.03 cents to 34.03 cents per litre for three months.
Straughn said the measures were designed to ease the impact of international fuel volatility while maintaining a stable electricity supply for Barbadians. (AM)
