BARBADIANS will pay more for gasolene, kerosene and diesel from today.

www.nationnews.com Gas Hike - Saturday 15, February-2003

Gasolene goes up by eight cents per litre from $1.39 to $1.47, diesel by six cents per litre from $1.07 to $1.13 and kerosene by ten cents per litre from 63 cents to 73 cents, the Energy Division of the Ministry of Economic Development said yesterday in a Government Information Service release.

The Energy Division added the hike was a result of increases in the world market price of crude oil influenced mainly by events in the Middle East and the general strike in Venezuela.

“The price of crude oil has risen from US$27.57 per barrel to over US$30 per barrel since the last price adjustment of petroleum products on June 1, 2002.”

The release also noted that a contingency plan had been developed to ensure the security of supply of petroleum products to the country.

“The Barbados National Terminal Company Limited will be pre-ordering three to four months’ supply of products from Trinidad. A public awareness programme for conservation will shortly be developed in conjunction with industry organisations, and permission will be given to suppliers to access the open market for supplies in the event that there is no guarantee of supply.

“The [company] will also clean and convert a 10 000 barrel diesel tank to store gasolene and additional supplies of diesel and fuel will also be stored in the event that there is no guarantee of supply.”

The increase comes short of two months after Parliamentary Secretary in the Ministry of Economic Development, Senator Tyrone Barker, said Barbadians did not have to fear an increase in oil prices since he believed normalcy would return to Venezuela.