Barbados reduces LPG prices as new rates take effect

Barbados: Liquefied petroleum gas (LPG) prices were reduced in Barbados as new rates took effect from midnight on August 2.

The prices of four LPG cylinder sizes were reduced. Now the consumers will pay between 53 cents and $2.68 less than before depending on the size of the cylinder.

The price of a 100-pound LPG cylinder was reduced by $2.68 to $180.13. The rate of the 25-pound cylinder fell by 67 cents to $50.13.

For smaller cylinders, the price of a 22-pound cylinder dropped by 59 cents to $44.28. And the price of the 20-pound cylinder reduced by 53 cents to $40.26.

These revised prices will be beneficial for households and businesses that purchase the cylinders of the affected sizes. They will now have to pay slightly less according to the revised prices.

The updated prices are:

100-pound cylinder: $180.13, down $2.68

25-pound cylinder: $50.13, down 67 cents

22-pound cylinder: $44.28, down 59 cents

20-pound cylinder: $40.26, down 53 cents

The reason for this drop is not provided by the authorities and information on how long the revised prices will remain in effect is also not clear.

The new LPG rates came into effect at midnight on August 2, which means consumers started paying the reduced prices from Sunday.

Industry observers believe that the reduction in prices of LPG may be because of some relaxation in ongoing geopolitical conflicts.

Government authorities adjust fuel prices monthly according to the international market changes. It cannot be specified as for how long these prices will be applicable as the prices shift in response to changes in the global oil market and shipping costs. Industry observers say that this slight ease in the price is because of stabilization in regional shipping costs. Or it can also be because of stabilization of international fuel benchmarks after previous surges.