The Government of Bermuda has suspended for six months a planned increase in retail fuel prices that was due to take effect last Thursday.
Home Affairs Minister Alexa Lightbourne issued the Retail Fuels (Consumer Protection Standstill) Ministerial Direction 2026, which keeps fuel prices at current levels and is intended to shield households facing rising costs for groceries, electricity and other essentials.
Under the Regulatory Authority’s proposed monthly adjustment, consumers would have seen increases of 11.1 cents per litre for gasoline, 15.3 cents per litre for diesel, and 18.8 cents per litre for kerosene beginning April 16.
Lightbourne said the decision responds to ongoing global conditions affecting energy markets, including sustained volatility in oil and refined-product prices.
“Global oil and refined-product markets have experienced sustained volatility driven by the ongoing war in Ukraine, disruption to maritime shipping routes, and the cumulative effects of climate-related supply shocks,” she said.
She added that small island economies such as Bermuda are particularly exposed because they import nearly all refined fuel and must absorb costs related to freight, insurance and currency fluctuations.
“For small island economies, they import virtually all of their refined fuel and absorb the full cost of freight, insurance, and currency movement, and that volatility hits consumers harder, faster, and with fewer buffers than in larger markets,” Lightbourne said.
The minister said the direction was issued in consultation with the Regulatory Authority and in coordination with the Premier and Minister of Finance David Burt.
As part of the arrangement, the Ministry of Finance will provide targeted customs-duty relief to licensed fuel importers to offset any verified revenue shortfall resulting from the price standstill.
Lightbourne said the measure is designed to stabilise prices without disrupting the fuel supply chain.
“As a result, Bermudians will benefit from prices being held at current levels for up to six months, and government backing through the Ministry of Finance will provide customs-duty relief, thereby ensuring stability,” she said.
