Effective August 19, consumers in Barbados will be paying less for gasoline and diesel as Prime Minister Mia Mottley announced that the price of fuel at the pump will be capped for the next five months.
Gasoline will cost BDS$4.48 (US$2.24) per litre, while diesel will be BDS$4.03 (US$2.01) until January 31, 2023. Mottley also said that the cap on the Value Added Tax (VAT) on gasoline and diesel, which was put in place five months ago, would be kept in place.
The PM further advised that “if the prices fall below that cap, all of those reductions will be passed through to the consumer. If the prices go above that cap, the Government will hold the line and keep the cap in place.”
Extract from the CARICOM BUSINESS Newsletter, Vol 5. No. 34
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