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Stuart backs oil company

Trevor Yearwood

Stuart backs oil company

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Prime Minister Freundel Stuart has dismissed speculation that the Barbados National Oil Company Limited (BNOCL) has contributed to high energy costs by buying petroleum on the international futures market.
Dealing with what he called “misinformation”, Stuart said the BNOCL’s board and management had not “locked” the company into any “long-term contracts to purchase fuel above market price”.
He made the comment on Tuesday evening at the official opening of the BNOCL’s “green” maintenance facility in Woodbourne, St Philip.
There has been speculation here that Barbadians are seeing energy charges rise because the oil-importing company committed itself to buying oil on the international market at a time when prices were trending up rather than in recent times when some drops were recorded.
Read the full story in today’s DAILY NATION.