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Fuel import bill increases again

SHAWN CUMBERBATCH, [email protected]

Fuel import bill increases again

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Barbados’ fuel import bill has increased for the third year while the country continues efforts to become a renewable energy economy.

Based on information released by the Central Bank on Wednesday, Barbados spent $728.1 million on overseas oil products last year. This is about $16 million more than the amount in 2018 and is the highest total since 2014 when the bill was $877.5 million.

It continues a recent trend of increased spending on imported petroleum products, and comes as a new report reveals that in recent years Barbados’ energy consumption outstripped the performance of the economy.

The 2019 National Energy Efficiency Monitoring Report of Barbados, prepared by officials of the Ministry of Energy and Water Resources of Barbados and consultant Stacia Howard, a Barbadian economist, said this was notable because “growth in primary energy consumption in Barbados typically is correlated to growth in gross domestic product (GDP)”. (SC)

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