With Barbados’ fuel import bill passing the half-billion dollar mark for the first nine months of 2011, Barbadians are being warned to brace for higher oil prices.
The warning from chief executive officer of the Enterprise Growth Fund Limited (EGFL), Timothy Simmons, yesterday came as the high cost of energy forced hikes in the price of another commodity – milk.
Managing director and CEO of Banks Holdings, Richard Cozier, said yesterday that the increases, which range from nine to 19 per cent and will take effect on Thursday, were unavoidable because of a rise in the cost of production.
“Oil is trending to US$100 and it doesn’t show any signs it will reduce soon,” he said in an interview with the DAILY NATION.
Read the full story in today’s DAILY NATION.
