Fuel Price Changes to Come
Barbadians continue to be intrigued by the rollercoaster and out of whack local market position of fuel prices compared to regional markets. With world oil price edging north further interacting with the effect of the NSRL, 2% FX fee and so on, it is anticipated the local consumer should anticipate a hike in the cost of living (already high) at the Yuletide period therefore curbing consumer consumption and stemming the outflow of forex. Since Caribbeansignal.com has posted the analysis below BU has information that prices will increase from this weekend – Barbados Underground
If past data is any indicator of future events, then Barbadians should expect a change in the price of fuel within a few days.
The price of fuel (gasoline and diesel) has changed every month – and usually within the first two weeks of every month (see table below). Of the 10 price changes recorded for 2017 so far, gasoline was increased 6 times and diesel was increased 6 times.
2016 also showed similar changes (see table below). In total, I counted 11 changes in fuel prices for the year (including one in November 2016). 6 of them were increases in gasoline and 6 were increases in diesel as well.
The regularity of price changes should not be surprising, as the Barbadian Government has said in the past that they will be adjusting fuel prices on a regular basis.
Feel free to share the data, but please remember to list caribbeansignal.com or Amit Uttamchandani as the source.