Premier and Finance Minister David Burt announced today that “the price at the pump for Gasoline as of Tuesday, May 16, 2023, is expected to remain at 234.1 cents/litre”.
“This price is equal to the February 2022 level of 234.10 cents/litre, at which prices were capped for the last fourteen months while global prices soared,”, he said.
“Without the price cap the price at the pump would have been 238.1 cents/litre.”
And for the second consecutive month, the cost for diesel fuel on island, “is below its original capped price of 212.2 cents/litre”.
That figure is expected to be “207.2 cents/litre, 3.9 cents/litre lower at the pump this month”, he added.
“Kerosene, for the first time since February 2022, is below its original capped price of 178.6 cents/litre, and is expected to be 174.6 cents/litre, 4.0 cents/litre lower at the pump this month.
“While consumers worldwide faced record gas prices, motorists and businesses in Bermuda have benefited from the support provided by this Government’s fuel price cap,” concluded Premier Burt.
“This fuel price cap is one more way that this Government has taken steps to reduce the impact that 40-year-high global inflation has on Bermuda’s residents and businesses.”
The charts below show the monthly prices since January 2022: