Top Official Says Bahamas Doesn’t Need Gas Price Cap Like Barbados – Eye Witness News

Nassau, Bahamas — The vice president of the Bahamas Petroleum Retailers Association yesterday hailed the Barbados government’s cap on gas and diesel prices for consumers, but fuel prices in the Bahamas justify such measures. said it was not high enough to

Vasco Bastian spoke eyewitness news After Barbados Prime Minister Mia Mottley announced in a national address yesterday that starting Friday the price of petrol and diesel at the pump would be capped at $4.48 and $4.03 per liter respectively.

Her announcement comes after the government set a VAT cap on fuel earlier this year to combat rising gas prices in the Bahamas this year, even though prices have started to fall. It took place at a time when the Davis administration was approaching its own policy move. Prime Minister Philip Davis said the government would reduce the value-added tax on fuel.

Mottley said capping gas prices at the pump would provide predictability and stability to consumers amid price volatility.

Asked about this yesterday, Bastian said: When you do the conversion, they do the math in liters, we do in gallons. Their stuff translates to $9, so I guess that’s why she enacted what she enacted.

“I don’t know that Barbados is an oil producing country, so what she did was try to ease the burden on her people because even getting the product to them would cost us more than that. country.”

Bastian noted that even during the recent gas price hike, prices have never been as high as those in Barbados.

“Barbados is expensive. Barbados is close to South America. I don’t know.

“A lot of it is probably freight and all kinds of logistics,” he said.

“I think the high in Nassau the other day was $7.39.

“Prime Minister Davis announced last week that he will reduce the VAT on fuel. And we all know on the world stage that the price of a barrel of oil is falling.”

Bastian said he admires governments that adjust their tax structures or take important steps to reduce the burden.

Financial expert Gowon Bowe said the Barbados move should never be an option for the Bahamas because of the financial implications.

“I come from the very basic premise that when we talk about government subsidies, we recognize that there is a price to be paid. If you decide, I don’t have any money tree to shake that it’s possible to print something, and that’s not to be taken lightly, we have a debt equivalent to 100% of our GDP. If so, it highlights the harsh reality that when there are significant levels of deficit, additional subsidies, whether it is an advance in revenue or the provision of financial assistance, are costly.” said. Top Official Says Bahamas Doesn’t Need Gas Price Cap Like Barbados – Eye Witness News

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