On the advice of the Ministry of Energy, Small Business and Entrepreneurship (formerly the Division of Energy and Telecommunications), the Cabinet of Barbados approved a mechanism to adjust petroleum product prices on a monthly basis, through the Ministry of Small Business, Entrepreneurship and Commerce (formerly the Ministry of Commerce and Trade). This policy is administered under the Miscellaneous Control Act CAP 329.
The current approach to pricing refined petroleum products is a process which begins with the Barbados National Oil Company Limited (BNOCL) and the petroleum majors, who, on importation of the products, submit the invoices relating to gasoline, diesel, kerosene and Liquefied Petroleum Gas to the Ministry of Energy, Small Business and Entrepreneurship.
These invoices are used to calculate the weighted local retail prices for the imported petroleum products. The Ministry of Small Business, Entrepreneurship and Commerce then implements the petroleum product prices under the Miscellaneous Control Act, by order, as advised by the Ministry of Energy, Small Business and Entrepreneurship.
In Barbados, petroleum prices are adjusted on a monthly basis, which reflects an approximate three (3) week lag from those listed on the international market.