CEIS Petroleum Update April 2011

Caribbean Energy Information System (CEIS) April 2011

Synopsis of Energy Consumption Recent increases in international oil prices have hit many countries like the tsunami experienced earlier this year by Japan. As early as January 15 international oil prices hit the US$100/barrel mark and since then have remained within the same ball park. Most of the countries within the region are oil dependent and have had to deal with the ill effects of these increases. Swift action on the part of some governments, have helped to cushion the impact on the consumers while some countries have not yet acted. The Caribbean Energy Information System (CEIS) presents an up-to-date status on each country relating to actions taken on Petroleum prices and Electricity costs.

Source: Regional Focal Point, CEIS, Jamaica

RETAIL PETROLEUM PRICES ANTIGUA & BARBUDA -No direct action has been taken on the part of the Government. However the opposition, Antigua Labour Party (ALP), has suggested that the Government could offer subsidies and lower tax intake to help consumers.

Percentage of Energy Consumed in the Major Sectors of the Caribbean.

BAHAMAS (The) -No direct action taken on the part of Government.

SkyBahamas Airlines (the 2nd largest airline of The Bahamas) plans to increase ticket prices if oil prices continue to increase.

BARBADOS -No apparent action taken by Government.

BELIZE -Increased import duties averaging one dollar per gallon have been placed on fuel. There was also removal of GST from Gasoline and Diesel.

B.V.I. -Bunker fuel surcharge (inclusive of inter-island cargo shipment) has been increased.

CUBA -No apparent action taken by Government.

DOMINICA -No apparent action taken by Government. continued on page 2/

CONTACT US Caribbean Energy Information System Scientific Research Council Hope Gardens, Kingston 6, Jamaica

1-876-927-1779 (Telephone) 1-876-977-1840 (Fax) ceis@src-jamaica.org www.ceis-caribenergy.org

CARIBBEAN PETROLEUM UPDATE is a monthly Bulletin which highlights petroleum issues affecting or relevant to the Caribbean, international developments that may affect the region’s way of life and movements in oil prices and retail prices for fuel regionally.

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Call: 1-876-927-1779 | Caribbean Petroleum Update : April 2011 from Belize - Comisión Federal de Electricidad (CFE), Mexico has increased by 52% since January 2011 and this cost is being borne by Belize Electricity Limited.

Recent Actions taken by Countries to deal with the Effects of Oil Price increases continued from page 1/ GRENADA -Reduced tax collected on each gallon of Gasoline sold by 50 cents, the maximum allowed under the law at any price change.

B.V.I. -Reduced fuel surcharge per kwh by 22% in January, then increased fuel charge between February and April by 61% when compared to the January.

DOMINICA -Increased fuel surcharge per kwh by 8% between January and February. Increased further by 26% between February and March 2011.

GRENADA -Increased fuel surcharge rates in March and April by 17% and 25% respectively. Reduced non-fuel charge by 0.96% in February 2011.

GUYANA -Lowered import duties on Gasoline from 30 per cent to 20 per cent to help ease prices at the pump.

GUYANA -There were no increases in electricity rates.

However, the government is subsidizing the additional cost for fuel used in generation.

JAMAICA -Reduced Ad-Valorem tax by 5%.

JAMAICA -Increased fuel surcharge on March bill by approximately 17%.

MONTSERRAT -No apparent action taken by Government.

ST. KITTS/NEVIS -No apparent action taken by Government.

ST. LUCIA -No action taken on the part of the Government. Opposition calls for the implementation of measures to help consumers cope with rising fuel prices.

ST VINCENT/GRENADINES -No apparent action taken by Government.

SURINAME -No apparent action taken by Government.

TRINIDAD/TOBAGO -No apparent action taken by Government.

TURKS/CAICOS -Imposed an additional tax of 25 cents per Imperial gallon on Gasoline. Now the total tax on Gasoline is 75 cents per Imperial gallon.

MONTSERRAT -Increased fuel surcharge rate between 26% and 30% since January 2011. However, a duty exemption is provided to the Utility Company for fuel with only charges of a 5% (service charge) on the fuel used for Generation.

ST. KITTS/NEVIS -Imposed an increase of 82% in electricity bills as a result of new approved tariffs on February 11, 2011.

ST. LUCIA -No increases in electricity bills.

ST. VINCENT/GRENADINES -Removed demand charge of $12/KVA installed (commercial & industrial customers).

Marginal adjustment made to base rate in March 2011.

Increased fuel surcharge component of the electricity bill by 43% January 2011.

SURINAME -No increases in electricity bills.

TRINIDAD/TOBAGO -No increases in electricity bills.

TURKS/ CAICOS -Increased electricity cost by 6.2%.

ELECTRICITY RATES ANTIGUA & BARBUDA -Increased fuel surcharge component of utility bills by 5% and 11% in March and April 2011 respectively.

BAHAMAS (The) -Increased fuel surcharge component of the electricity bill by 20%.

BARBADOS -Increased fuel surcharge by 34% since January 2011.

BELIZE -There was no increase in the cost of electricity to the consumer. However, the cost of purchasing power

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Caribbean Petroleum Update : April 2011 | Call: 1-876-927-1779

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REGULAR UNLEADED GASOLINE AVERAGE PRICES AT THE PUMP

January - April 2011 Average prices in the various countries are compared to December 2010 to show the current situation. See prices for other products at www.ceis www.ceis--caribenergy.org .

Unleaded Gasoline: Regular : Average Retail Price (US$/Litre) 2010 COUNTRIES

Things to know

2011

DEC

JAN

FEB

MAR

APR

ANTIGUA/ BARBUDA

1.00

1.00

1.00

1.07

1.15

BAHAMAS [91 OCT]

1.23

1.24

1.25

1.30

1.45

BARBADOS

1.39

1.47

1.48

1.49

1.59

BELIZE [87 OCT]

1.28

1.33

1.34

1.48

1.50

B.V.I [87 OCT]

1.01

1.12

1.13

1.20

1.27

DOMINICA

0.96

1.01

1.05

1.06

1.07

GRENADA (95 OCT)

1.08

1.05

1.06

1.17

1.23

GUYANA

0.96

0.99

0.99

1.06

1.08

JAMAICA 87 Octane[E10]

1.13

1.17

1.18

1.25

1.28

MONTSERRAT

1.12

1.13

1.14

1.18

1.23

ST. KITTS/ NEVIS

0.96

1.04

1.07

1.20

1.14

ST. LUCIA

1.07

1.14

1.14

1.16

1.22

ST. VINCENT/ GRENADINES

1.01

0.99

0.98

1.00

1.06

SURINAME [95 OCT]

1.13

1.21

1.32

1.34

1.43

TRINIDAD/ TOBAGO [92 OCT]

0.42

0.42

0.42

0.42

0.42

TURKS/ CAICOS

1.36

1.36

1.36

1.42

1.42

Trinidad & Tobago provides incentives to drive the usage of Compressed Natural Gas (CNG) >>Learn More Jamaica’s Office of Utilities Regulations (OUR) seeks public comment on Net Billing Policy >> Learn More Jamaica’s Office of Utilities Regulations extends deadline for submission of bids for 480MW of power April 29, 2011 >> Learn More

NOTE: *US Gallon = 3.785 L *Imperial Gallon = 4.546 L *As at November 1, 2009 MTBE was phased out from all gasoline blends in Jamaica and replaced with 10% Ethanol.

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Call: 1-876-927-1779 | Caribbean Petroleum Update : April 2011

US$/BBL

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US$/BBL

The Average of monthly World Crude Oil Prices seen in February 2011 was 3% above the annual average seen in 2008 - deemed the year when the highest percentage increases were seen in oil prices over the past decade. In comparison to 2009 and 2010, the average price in February 2008 was 63% and 27% above the annual average seen respectively for those years.ď‚Ą

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