The turmoil in Iran may affect Barbados but the Barbados Consumer Empowerment Network (BCEN) is advising retailers to act responsibly.
In a statement, the consumer protection body said it was “closely monitoring” what was happening in the Middle East and any potential impact on global oil prices.
“While geopolitical tensions involving Iran have contributed to volatility in international energy markets, Barbadians should understand that any impact on local prices is not immediate. Barbados is geographically far from the Middle East, but because oil is traded on a global market, sustained increases in crude oil prices could eventually influence fuel, electricity, and transportation costs.”
However, BCEN is also cautioning businesses against using “international headlines as justification
for premature or speculative price increases”.
“Goods currently on shelves were purchased under existing cost structures, and consumers should not be asked to pay higher prices before genuine cost increases occur. BCEN therefore calls on retailers, distributors, and service providers to act responsibly and ensure that any price adjustments are transparent, justified, and based on actual cost changes rather than speculation.” (CA)
