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On Friday, consumers in Barbados will pay less for petrol and diesel.
Prime Minister Mia Amor Mottley announced that the price of gasoline at the pump will be capped at $4.48 per liter, while diesel will be $4.03, until January 31, 2023.
Addressing a press conference on Monday, Mottley said the VAT cap on petrol and diesel, which was put in place five months ago, would be kept in place.
“We will extend that limit until at least January 31 and we are doing so, recognizing that Barbadians need to be protected even more,” she said, noting that things were difficult for the government as well.
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“We feel we have an obligation to protect Barbadians more,” Mottley said.
“We will now put a cap on the price of petrol and the price of diesel at the pump and we will keep that price higher until January 31st. To be very precise, if prices fall below that limit, all those reductions will be passed on to the consumer. If the prices go above this limit, the government will keep the limit and keep the cork,” declared the Prime Minister.
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She emphasized that there has been a drop in prices, so the Government has not limited it to the highest possible price.
“The $4.83 at the pump that you’re paying now for gas is at a much higher price than what’s currently available and to that extent we’re going to absorb the loss from that because those prices would have stayed in place until at the end of January. . Since then there was a slightly smaller shipment that arrived; we believe we should limit it to the smallest amount…” Mottley said.
SOURCE: Barbados Government Information Service/ SLT
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