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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…

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Gas Pump

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

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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.

URL: https://wp.me/p2RyvP-3J

30 responses to “Fuel Price Changes to Come”

  1. Vincent Haynes Avatar
    Vincent Haynes

    Hmmm…..no traction for this post…….we seem to be punch drunk…..how many times do we have to concede that this govt has lost its way……how many times do we have to say that only a tsunami of people can change the ways of govt or the govt of itself.

    A good post……fill up our vehicles…..what for?

  2. David Avatar
    David

    @Vincent

    Why do you bother about if others post? You post and forget the rest.

    All that can be posted here again, is for government to be transparent about how the price at the pump is calculated. Will a BLP government revert to the old method of subsidizing gas at the pump? If yes, it will add to domestic debt (and forex outflow) especially against the promises they are making about revoking NSRL, tertiary education fees etc.

    May God help us!

  3. Vincent Haynes Avatar
    Vincent Haynes

    David

    we are in ducks guts……having to depend on BBE is no comfort or help…..how much longer will the sheeple be quiet is the question?

  4. David Avatar
    David

    @Vincent

    What responsibility have we as individuals decided to embark to contribute to helping the country? Are we buying electric cars? Agitating for more aggressive integration of alternative energy?

  5. millertheanunnaki Avatar
    millertheanunnaki

    @ David November 4, 2017 at 1:52 PM

    Good point, David!

    But good leaders lead by setting examples for others to follow.

    Why isn’t the current administration, pretending to be an environmentally-friendly government, leading by example by converting those MP & ML vehicles to electric or, at least, to hybrid, initially?

    Was the recent replacement of the PM’s car(s) along those lines?

    Given the apocalyptic news (if nothing is done immediately) now emanating from no other a source than the American Scientific think-tank community on the pending impact of human induced climate change, will this administration still be including in its upcoming set of regurgitated manifesto pledges the speeding up of its offshore oil drilling programme to help kick-start the country’s sputtering economy?

    Or will this administration follow suit in dismissing such alarmist claims the same way the credit rating downgrades are dispatched to the wastepaper basket.

    Would the current administration’s long list of inaction make the likes of Donald Trump and the disappeared Chad 99999- (the ‘heated’ deniers of climate change) look like born-again baptized followers of the biblical Noah by running for cover from the impending deluge of storms to make Maria the mother of god look like a whirlwind in Bridgetown?

  6. Vincent Haynes Avatar
    Vincent Haynes

    David

    The average person cannot afford an electric car.BIM presently is a country for the monied few who are of all ethnic backgrounds.Read the Sun for the number of properties being sold or auctioned.Terra has stated that prices have dropped by 25% and still no buyers of real estate as even the monied few are hedging their bets looking for it to go lower.The masses backs are really against the wall……a hungry man is an angry man….a word to the wise.

  7. Hal Austin Avatar
    Hal Austin

    Vincent,
    Not even the money launderers are interested in property in Barbados. There is a crisis.

  8. David Avatar
    David

    @Vincent

    How much does the electric car cost compared to a Toyota Corolla or the popular Creta?

  9. Vincent Haynes Avatar
    Vincent Haynes

    Hall

    No one……

  10. Crusoe Avatar
    Crusoe

    At the moment we are in serious BOATING mode.

    …. Over And Take It No Grumbling.

  11. Vincent Haynes Avatar
    Vincent Haynes

    David

    Check the car dealers…..sales are down greatly….I repeat the average person cannot afford any car presently,electric or fossil fuel……as far as I am aware the electric is pricier than its fossil equivalent which is a moot point presently in any case.

  12. Fractured BLP Avatar
    Fractured BLP

    David

    The fuel ⛽️ subsidy model as implemented by the last BLP administration proved too financially untenable over the years.

    The current DLP Administration had no choice but to end that folly.

    You point about showing how the current price calculations are arrived at , is a valid one.

    It is also noteworthy, to reflect that the Keith Rowley administration, had to on Budget Day , October 2, 2017 – abandoned the subsidy policy on fuels – in a country that is among the world’s 🌎 leading producer of oil.

    The Dems are on the right track with the revamping of the old policy initiative – for the most part .

    All Hail to King Stuart and his trusted MOF , Chris Sinckler – who were able to be shining examples of RESILIENT and COURAGEOUS Leadership – for Keith Rowley and his MOF , Colm Imbert.

    In this month of our 51st anniversary of Independence – thousands of Barbadians remain proud & confident of their government.

    Even Sandra Husbands is asking – how is MAM going to reverse the progressive policy decisions of the King 👑 Stuart administration ??

  13. Fractured BLP Avatar
    Fractured BLP

    http://guardian.co.tt/news/2017-10-03/fuel-subsidy-cut-saves-govt-550m

    Here is the evidence.

  14. Hal Austin Avatar
    Hal Austin

    Vincent,
    Banks are still lending to consumers to buy cars. It is a scandal.

  15. Vincent Haynes Avatar
    Vincent Haynes

    Hall

    Correct…..presently the dealers and banks are offering all sorts of inducements to buy vehicles.

  16. Hal Austin Avatar
    Hal Austin

    The happens because of a weak government. Remember what Harold Wilson did back in the late 1960s-early 70s. Stop the banks from lending for some consumer goods. Cars come high on this list.

  17. David Avatar
    David

    Revenue from the sale of vehicles is significant for government.

  18. Vincent Haynes Avatar
    Vincent Haynes

    Hal

    Govt can do nothing as they are caught between the devil and the deep blue sea……stop imports…..lay offs will occur…..and they can kiss another term goodbye.

  19. Hal Austin Avatar
    Hal Austin

    Revenue from car sales is good for car dealers. It is the wider ..economy that is important.

  20. millertheanunnaki Avatar
    millertheanunnaki

    @ Fractured BLP November 4, 2017 at 4:21 PM

    If you are so well informed to call a ranking of 47 out of 98 then your classification of Trinidad & Tobago as a top oil producing nation is so remarkably hyperbolic as to make Barbados one of the most competitive places to attract FDI because of its very high ranking in the business facilitation ladder.

    So can we expect T&T to undergo 21 successive credit rating downgrades in the coming months even if oil prices go back to around $80.00 p/b?

    It’s truly amazing and downright paradoxical to see how your administration had to do so much house-cleaning as a result of the fiscal mess left by the dirty spending habits of the incompetent OSA administration yet the national debt has more than double during the period after extracting in excess of $22 billion from the tax payers who have little or nothing to be proud of.

    How do you think that looks on your administration performance record soon up for evaluation by the disgruntled electorate?

    Do you think such a dismal performance in light of low oil prices stacks up appealingly in the eyes of your bosses, the voting public?

    Can you imagine what your record of downgrades would have been if oil prices had remained over the $90.00 p/b level?

    You sure would have been issuing plenty of IOU’s to the same T&T you are now laughing at.

    Let us wait and see who would be having the last laugh as oil prices creep back up and the Bajan foreign reserves nosedive in the coming weeks.

    Any plans of switching to Venezuela as supplier of last resort without the approval of the IMF? After all, birds having the same junk bond feathers tend to drop out of the air together to ‘land’ in the sea of failed states.

    Carry on smartly with your stupid Bajan arrogance by laughing at the T &T’ internally devalued money and make Chalkdust’s prescient warning become a sorry reality in the coming months.

  21. Vincent Haynes Avatar
    Vincent Haynes

    Hall

    Car sales are better for the govt as their duties range from 110% to 150% for cars with parts over 200% in some cases.

  22. millertheanunnaki Avatar
    millertheanunnaki

    @ Vincent Haynes November 4, 2017 at 6:57 PM

    Isn’t this a classic case of everlastingly chasing your tail to catch an irritatingly biting flea?

    What happens when the forex becomes so scarce as to force the same government by way of edicts to the Central Bank to make the choice between forex for cars and car parts and forex for imported food and medicine to waste in the fight against NCD’s?

    The coming months should be most interesting to see how this juggling act would be performed without the shit hitting the devaluation fan.

    Moreover, it would provide the opportunity to prove or disprove Hal Austin’s thesis that holding foreign reserves isn’t worth a hill of beans in this whole wide world called Buybaydus.

  23. Vincent Haynes Avatar
    Vincent Haynes

    Miller

    On point…….get the popcorn and let’s see how they squirm trying to juggle.

  24. Bajan in NY Avatar
    Bajan in NY

    @Fractured BLP November 4, 2017 at 4:21 PM #

    Is it not a fact that fuel prices in Barbados would have been much lower if the policy of allowing prices to follow the price of oil on the world market, as P.M. David Thompson promised, was honored? Instead the Stuart administration held on to the money which should have be returned to the consumers in the form of lower prices and claimed it was to pay down the debt of the QEH.

  25. ra1 Avatar
    ra1

    Overloading of the atmosphere and of ocean waters with carbon. Atmospheric CO2 absorbs and re-emits infrared-wavelength radiation, leading to warmer air, soils, and ocean surface waters – which is good: The planet would be frozen solid without this.
    Unfortunately, there’s now too much carbon in the air. Burning of fossil fuels, deforestation for agriculture, and industrial activities have pushed up atmospheric CO2 concentrations from 280 parts per million (ppm) 200 years ago, to about 400 ppm today. That’s an unprecedented rise, in both size and speed. The result: climate disruption.
    Carbon overloading is only one form of air pollution caused by burning coal, oil, gas and wood. The World Health Organization recently estimated that one in nine deaths in 2012 were attributable to diseases caused by carcinogens and other poisons in polluted air.
    Australien Meeresschutzgebiet Great Barrier Reef Korallenbleiche (imago/blickwinkel)
    Ocean life is suffering a triple whammy: overfishing, pollution and warming waters due to climate change
    Solutions: Replace fossil fuels with renewable energy. Reforestation. Reduce emissions from agriculture. Change industrial processes.
    The good news is that clean energy is abundant – it just needs to be harvested. Many say a 100 percent renewable-energy future is feasible with existing technology now.
    But the bad news is that even though renewable energy infrastructure – solar panels, wind turbines, energy storage and distribution systems – are already widespread, and getting cheaper and more efficient all the time, experts say we’re not applying them quickly enough to prevent catastrophic climate disruption. Barriers in policy and finance remain to be overcome.

  26. Fractured BLP Avatar
    Fractured BLP

    Miller

    If you are so sure that Barbados 🇧🇧 have to go to the IMF as you were preaching since 2013 ….why you don’t take it there yourself ???

    Mr. Doom & Gloom ???

  27. Gabriel Avatar
    Gabriel

    It appears to many of us that this Stuart led excuse for a government of democratic principles does not understand the basic requirement for an acceptable standard of performance is the constant proverbial eye on the ball of growing the economy such that it spreads the wealth of the country AMONG ALL ITS CITIZENS…..not for a people of a certain favoured hue whether they be Indo or Euro in appearance.The record shows that Barbados under Stuart has regressed since ’08.Debt is uncontrollaby out of hand.It is nothing short of stupidity to allow five white men to so influence black politicians to sell their brothers and sisters short by continually providing them with a virtual monopolistic control of wealth generation in Barbados.A caring and disciplined government provides goods and services in such a manner that the entire society increases its spending power which leads to growth in its a GDP.Taking away people’s spending power by over 40 tax measures in 9 years is ignorance of the highest order.Curb excesses by all means but encourage and incentivize domestic growth.

  28. millertheanunnaki Avatar
    millertheanunnaki

    @ Fractured BLP November 5, 2017 at 12:31 AM
    “Miller
    If you are so sure that Barbados have to go to the IMF as you were preaching since 2013 ….why you don’t take it there yourself ???
    Mr. Doom & Gloom ???”

    Well the miller is not alone.

    How many people have been recommending the same ‘only’ course of action left in light of the last 5 years of failed policies?

    Hasn’t OSA been advising to go ‘ proactively ‘ rather than vacillating only to find yourself unable to negotiate and forced to behave like a beggar to take what’s on the table or else the dreaded “D” for the DLP failed policies?

    Why not call Dr. Worrell a recent recruit to the Doom & Gloom brigade?

    Is that the reason the turncoat was ‘summarily’ fired because he couldn’t ‘tek it na more’ of toeing the line of lies and misinformation?

    Why don’t you guys read between the timid lines of the current ‘reserved’ governor (Ag.)?

    Here is what he is trying to warn you guys about:
    If you cannot complete the sale of the BNTCL and the Hilton hotel by year-end and inject some Viagra into the Hyatt to get its erection moving in a “couple of weeks” (as promised so many times); then crapaud will be smoking the foreign reserves pipe and your precious Mickey mouse dollar might just be going up in a high of ‘smoke’ worth no more than 25 cents in US currency.

  29. Vincent Haynes Avatar
    Vincent Haynes

    Miller

    Chuckle……I think the MoF is also keen on the IMF and intimated as much when he was going to put OSA in charge of dealing with the financial situation of Bim.

    Beyond me how some are still trying to object to the IMF,…..when everyone knows that the next govt will be going to the IMF…..irregardless as to who forms the govt.

    Todays front page has it that govt is not ready to present the proposal to the IMF when they arrive in 10 days…….lol……we can speculate as to why……but we know why.

  30. David Avatar
    David

    Gov’t announces changes in petroleum prices

    Added by Barbados Today on November 5, 2017.

    Saved under Local News

     

    Effective midnight tonight the retail prices of gasoline and kerosene will fall, while the prices of diesel and liquefied petroleum gas (LPG) will rise.

    The new retail price of gasoline will be $3.19 per litre, down from $3.38. The price of kerosene will be $1.26 per litre, down from $1.41, and the price of diesel will move from $2.37 per litre to $2.52. These represent decreases of 19 cents per litre for gasoline and 15 cents per litre for kerosene, while the price of diesel has increased by 15 cents per litre.

    Meanwhile, the retail prices of LPG will rise from $154.52 to $165.50 per 100 lb cylinder, an increase of $10.98; from $43.73 to $46.76 per 25 lb cylinder, an increase of $3.03; from $38.65 to $41.06 per 22 lb cylinder, an increase of $2.41; and from $35.13 to $37.33 per 20 lb cylinder, an increase of $2.20.

    The Government said these changes are in keeping with its policy of allowing retail prices to be reflective of those on the international market.

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