(Barbados Nation) Barbadians will soon be paying more for electricity, following recent hikes in the price of flour, eggs and bottled gas.
The latest increase was revealed on Monday by chief marketing officer of the Barbados Light & Power Co. Ltd, Stephen Worme, who told the Daily Nation that BL&P’s residential customers would see an increase of about ten per cent on their electricity bills from this month.
The Barbados Chamber of Commerce and Industry (BCCI) also responded, saying that the increase in electricity cost would be felt by retail operations, including those with cold storage facilities such as supermarkets as well as stores with air-conditioning.
“I think it will eat into most companies’ bottom line because it is an overhead and it can’t be passed on,” said president Andy Armstrong, who believes the higher prices for fuel highlight the need for Barbados to intensify the push towards renewable energy.
“It is a significant cost up front but the move away from imported oil to solar or wind energy means we will be less vulnerable to these types of fluctuations,” he said.
Worme explained that the electricity price increase had come about as a result of hikes in the world oil price.
“On the world market, oil prices have reached almost US$113 per barrel on the West Texas Index (WTI) and over US$126 per barrel for Brent Crude Oil.
