Local oil prices not adding up, complains Gibbs-Taitt

Consumer rights advocate Malcolm Gibbs-Taitt wants to know why Barbadians are still paying a high price for petroleum products, even though the international price of crude has fallen.

Gibbs-Taitt, who is the director general of the Barbados Consumer Research Association (BARCRA), said he has been monitoring changes in oil prices over the years only to realize that global decreases were not being passed on locally.

In support of his contention, Gibbs-Taitt explained that on January 5 this year crude oil was being sold at $53.76 per barrel and later dropped a month later to $51.38 on February 7, 2017.

At the same time, the price of natural gas fell from $3.31 per btu (British Thermal Unit) to $3.15.

However, he said during that same period, the price of gasoline rose to $2.98 in Barbados, up from $2.78 per litre while the local diesel price went up to $2.17 per litre from $2.15 per litre.

“It is difficult to understand this increase given that the price of crude oil on the world market does not justify such an increase,” Gibbs-Taitt insisted.

He also questioned why Barbadians were paying more for bottled gas when natural gas was being sold at a cheaper rate.

Complaining that Government was “getting away with foolishness”, the consumer rights advocate said it was about time Barbadians spoke out and let Government know what they are getting is not right.

He also demanded that the Division of Energy gives an explanation to Barbadians as to why the prices were the way they were.

“I am going to ask questions until I get answers. I don’t stop asking questions, but you see, there is a feeling in Barbados by some in authority that the Barbadian consumer must put up and shut up. I don’t agree with that,” he said.

“All I want somebody in position to tell me is why is it that you could lower the price of our gas to $2.78 per litre when you buying Brent Crude at $59.79 and when Brent Crude is at $54.39, you still increase the price.

“It is being sold at the world market at a lower price than what it was when you reduced the price back in January,” he said.

“We are very concerned about it because the Government comes along every first week of the month and makes an adjustment for the gas prices,” he added.

4 Responses to Local oil prices not adding up, complains Gibbs-Taitt

  1. Jennifer February 17, 2017 at 6:16 am

    “but you see, there is a feeling in Barbados by some in authority that the Barbadian consumer must put up and shut up”.

    This how our people were psychologically trained to do. In other countries people are less tolerant and will picket etc for justice. The government is to blame for ALL of our problems.

  2. Bryan Mayers
    Bryan Mayers February 17, 2017 at 7:06 am

    Hasn’t been adding up for years

  3. Rawle Spooner
    Rawle Spooner February 17, 2017 at 7:49 am

    Simple collusion and politicians and so call big wigs know Bajans afraid to fight just chat a lot.

  4. jrsmith February 17, 2017 at 5:00 pm

    Well , for a long time now we started feeling the changes , but because people is frighten to talk in barbados we are always going to get the nasty end of the stick…
    Welcome to the world of (Political Corporate Corruption) the cartels is gaining strength in barbados….
    We have a financial establishment in barbados which is control by the 1%, who dont bother with bajan politics or else things would be a lot different , thats why our politicians work in the interest of some people and not in the interest of the people………..


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