BERMUDA-Government introduces measures to shield households from fuel price increases.

HAMILTON, Bermuda, CMC – The Bermuda government has suspended for six months the increase in retail fuel prices that would have gone into effect on Thursday this week.

Home Affairs Minister Alexa Lightbourne, in issuing the Retail Fuels (Consumer Protection Standstill) Ministerial Direction 2026, said it maintains prices at current levels for up to 6 months and protects households already contending with the rising cost of groceries, electricity, and everyday essentials.

Under the Regulatory Authority’s (RA) proposed monthly adjustment, Bermudians would have paid an additional 11.1 cents per liter for gasoline, 15.3 cents per liter for diesel, and 18.8 cents per liter for kerosene beginning April 16.

Lightbourne said that the measure responds to conditions that have reshaped energy affordability worldwide.

“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.

“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.

She said that the Direction was issued in consultation with the Regulatory Authority and in close coordination with the Premier and the Minister of Finance, David Burt.

As a result, the Ministry of Finance will provide targeted customs-duty relief to licensed fuel importers in an amount sufficient to offset any verified revenue shortfall attributable to compliance with the standstill.

Lightbourne says the government absorbs the cost of stability, consumers are protected, and the fuel supply chain remains intact.

She said that, as a result of the Direction, Bermudians will benefit from prices being held at current levels for up to six months, and that government backing through the Ministry of Finance will provide customs-duty relief, thereby ensuring stability.