Barbadian consumers are being bombarded with media reports the price of crude oil has plummeted to a five year low. It continues to befuddle sensible Barbadians when they are able to observe a precipitous fall in the price of gas from Togo to Timbuktu and NOT in Barbados. We (Barbadian consumers) are appreciative of the occasional five or ten cents fuel reduction given by government in the price of fuel however the time has come to question government’s mechanism for determining retail fuel price at the pump.
Government’s position that it engages in future contracts and therefore the price to consumer is correlated to the deal date is questionable given the length of time the world fuel price has been trending down and the significant movement. We have not seen a sensible relationship in the domestic price at the pump given the world movement. The BLP Opposition, non government agencies and regular citizens have all shouted disappointment at the situation with no sensible response from the ministry of energy.
BU supports government’s policy to pass on the real price of fuel to consumers, a policy which differs with the former Barbados Labour Party (BLP) to heavily subsidise the retail price and resulted in a large debt on the books of BNOC. So far Barbadian taxpayers wait for an explanation from the government about the status of the BNCO debt which we believe informed government’s current policy. Barbadian taxpayers deserve to be treated with respect. The government is elected to serve at the pleasure of Barbadians. The lack of respect by this government by continuing to withhold relevant information must be regarded as the greatest insult a government can direct at an electorate.
As at the 8 December 2014 Brent Oil price closed at US66.13 the lowest level since 2009.
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