As part of the Government’s ongoing commitment to provide relief now and reduce the cost of living for the people of Bermuda, the Premier and Minister of Finance has determined that fuel prices “at the pump” for the next month will not be increased and therefore, for the next month, consumers will continue to pay the same prices as of February 2022.
Additionally, reductions will be made to the customs duty for fuel imports, and the pricing model previously in place has been adjusted.
In announcing this April’s fuel pricing level, the Premier and Minister of Finance notes: “The theme of the 2022/23 budget statement was ‘Relief Now and More Relief to Come’. The Government’s commitment to providing relief now has been further extended to maintaining fuel prices at the February level and ensuring there is no increase for consumers in Bermuda, even while global prices continue to rise.
With the Government passing legislation to further reduce the payroll tax for workers making less than $96,000 and reducing private car licensing fees by 10%, the recent efforts to contain and stabilize local fuel prices further demonstrate our commitment to keep its promises to the people of Bermuda.”
Following the Budget parliamentary sessions, the Premier and Minister of Finance, E. David Burt, Deputy Premier and Minister of Home Affairs, Walter Roban, and senior technical officers from the Ministry of Finance and the Ministry of Home Affairs met with senior executives of the local wholesale fuel companies. This meeting was held to discuss how Government and industry can work together to address current challenges impacting fuel prices, to discuss future plans to develop a more efficient approach to secure the best pricing for consumers, while also focusing on safety and supply considerations.
Global fuel prices have recently been impacted by inflation due in part to current supply chain issues and Russia’s invasion of Ukraine. The fuel companies themselves absorbed any losses in March. However, to continue to assist consumers and to ensure that safety and supply are not compromised, the Government followed through with its promise to reduce taxes on the importation of fuel.
The Premier and Minister of Finance will provide a further update regarding fuel prices later next week in the House of Assembly.