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Barbados spends $700 million annually on the importation of petroleum products.
And when there is any form of geopolitical tension, that figure escalates, causing a rise in local gas prices, as is currently happening.
That is according to Minister of Energy, Business Development and Commerce, Kerrie Symmonds.
He was delivering remarks at the opening of the Caribbean Electric Utility Services Corporation CEOs and Leadership Conference at the Hilton Barbados Resort.
Minister Symmonds stressed that the world is currently experiencing a period of conflict that is negatively impacting global energy costs.
