Flawed Fuel Policy

Barbados governments of recent have implemented a policy to pass on fluctuations (calculation unknown to the public) in the price fuel to the consumer. Barbados is a net importer of goods and as a consequence when world market price of oil increases, it has an inevitable result on the cost of living. It is a stretch to expect government during the prevailing harsh economic times will surrender revenue at a time it is in decline. Some opine the policy should be amended to give the commercial sector preferential pricing – how could this work? A subsidy, what about unregistered SMEs? The wholesale approach to fixing the price of fuel at the pump in the prevailing climate is unimaginative and requires urgent intervention. – David, Blogmaster

From mid-night December 5, consumers in Barbados paid more for gasoline and diesel. The retail price of gasoline rose from $3.95 BDS to $3.99 BDS per litre, an increase of four (4) cents or 1% from November. Diesel also followed suit rising from $3.28 BDS to $3.40 BDS, an increase of twelve (12) cents or 3.7% from November (Source: Barbados Government Information Service).

The rest of this post explores this month’s price change in five charts below, and also looks at some highlights and insights from 2021.

Chart 1 Below: Month over Month % Price Variance for Gasoline (2021 Retail Prices).
Chart 1: Month over Month % Price Variance for Gasoline (2021 Retail Prices).

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IMF Projects Low Growth for the Caribbean

The following report was extracted from the website caribbeansignal.comlow-growth:The IMF released its World Economic Outlook Update for January 2017 earlier today. The organization is projecting growth of between 3.4 and 3.6% in global output between 2017 and 2018, especially in emerging markets and developing economies. For Latin America and the Caribbean, projections range between 1.2 and 2.1% during the same period. However, outcomes may vary due to the uncertainty surrounding the policies of the incoming Trump administration.”

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