Log In

Reset Password

Gas prices fall below February’s price freeze level

Gas prices at the pump have fallen by 5.2 per cent from the price cap that was put in place last February (Photograph by Akil Simmons)

Gas prices at the pump have fallen by 5.2 per cent from the price cap that was put in place last February, David Burt has announced.

The Premier and Minister of Finance said that while consumers around the world faced record-high gas prices, Bermuda escaped the same fate.

Mr Burt said: “As part of this Government’s ongoing commitment to providing as much relief as possible for hard-working Bermudian families, we kept our promise to freeze fuel costs.

“I’m pleased that today I can announce that gasoline prices are no longer frozen at last February’s levels, but those prices are going down.”

The new maximum price of gasoline sold in Bermuda is 228.9 cents a litre, down from the price cap of 234.1 cents per litre from February 2022. The change goes into effect today – January 17, 2023.

Mr Burt claimed that the price freeze saved drivers $25 each time they refilled their cars over the summer when prices peaked.

“Since October 2022, market prices have trended downward in each of the three categories, gas, diesel and kerosene, and while we haven’t seen the decrease in the costs of diesel and kerosene drop below February 2022 levels, the average Bermudian is most impacted by the price of gasoline.

“This decrease means savings at the pump for all of Bermuda’s families and businesses.

“Motorists who rely on gasoline to move between home and work or to take children to school or relatives to appointments will benefit from this reduction.”

The drop in Bermuda gasoline prices is reflected in global prices. According to oilprices.com, the price of a gallon of gasoline in the US was $2.55 yesterday compared to $4.22 at its peak in June.

However, the January price is higher than the low of $2.07 in December.

You must be Registered or to post comment or to vote.

Published January 18, 2023 at 8:09 am (Updated January 18, 2023 at 7:55 pm)

Gas prices fall below February’s price freeze level

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon