NATURAL GAS valuation HIKE?

BARBADIAN businesses and residents could soon be asked to pay more for natural gas.
That signal is coming from Consumer Affairs Minister, Donville Inniss, speaking at the official opening ceremony of the Rubis Service Station at Fontabelle, yesterday.
Inniss, who is also the Minister of Industry, International Business and Small Business Development, told the ceremony that there is likely to “be an upward adjustment” in the price of the commodity.He pointed out that consumers in Barbados have not had an upward movement in the price of natural gas at the commercial level in 10 years and at the residential level in 20 years.“Therefore, I believe it is only fair and reasonable that we make some necessary adjustments in prices, if we are able to sustain the National Petroleum Corporation (NPC) and to expand access by Barbadians to natural gas at the corporate level and at the individual level going forward,” Inniss said.
He also said that it is a matter being dealt with currently between his Ministry and that of Finance and Economic Affairs.
He later told The Barbados Advocate that Government wanted to increase supplies of natural gas and that consideration is being given to importing compressed natural gas.
According to him, natural gas is a very critical part of the energy mix and that it has been a major concern to consumers.
He said that Barbados continues to be heavily dependent on fossil fuel. Last year, for example, this country imported 759 000 barrels of gasoline, 495 000 barrels of diesel and 1.2 million barrels of heavy fuel oil.The country forked out some $260.5 million to import those petroleum products, a price which Inniss said was based on the prevailing low international price for oil.While hoping that the world price of oil remains low, the Minister insisted that Barbados “cannot hinge all of our future on that alone. That is why the Government continues to make a thrust in expanding the renewable energy sector in Barbados”.
“The hope is that by the year 2045 Barbados will be 100 per cent, although that does not mean businesses in the gasoline retail sector would go out of business, since they will have to continue to re-engineer their enterprises and provide fuel from renewable energy sources.”