Barbados implements price cap as citizens face 3rd highest gas prices in the world

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Barbados implements price cap as citizens face 3rd highest gas prices in the world

Facing the third highest gas prices in the world, Barbados Government has put a cap on gas and diesel at the pump for the second time in under six months.

The move will bring a much-needed ease from skyrocketing petroleum prices, at least for the next five months.

Prime Minister Mia Mottley announced that until January 31, 2023, Barbadians would pay no more than BDS $4.48 per litre for gas or BDS $4.03 per litre for diesel, regardless of the price of oil on the international market.

This means that the current price at the pumps of BDS $4.83 per litre, which ranks as the third highest in the world, would be lowered by 35 cents.

The price of diesel has meanwhile been reduced by 25 cents, down from its retail price of BDS $4.28 per litre.

Mottley has already admitted that the cap on Value Added Tax (VAT) on fuel had not worked as well as intended, and said more must now be done to help protect Barbadians from rising fuel costs.

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