Gasoline Prices Fall in January

17 January, 2023

Gasoline prices fall below the February 2022 price cap

“Today I am pleased to report that the price at the pump for Gasoline has fallen 5.2 cents from the price cap put in place in February 2022,” announced Premier and Minister of Finance David Burt.

Premier Burt continued, “As a result of Russia’s war in Ukraine, consumers worldwide faced record-high gas prices; however, the same cannot be said for Bermuda. This Government’s commitment to providing ‘Relief Now and More Relief to Come’ was demonstrated by freezing local fuel prices at February 2022 levels. If we did not take this action, on average, Bermuda’s families would have paid $25 more each time they refilled their cars over the summer. 

“Since October 2022, market prices have trended downward in each of the three categories (gas, diesel and kerosene), and while we haven’t seen the decrease in the costs of diesel and kerosene drop below February 2022 levels, the average Bermudian is most impacted by the price of gasoline. This decrease means savings at the pump for all of Bermuda’s families and businesses. Motorists who rely on gasoline to move between home and work or to take children to school or relatives to appointments will benefit from this reduction.”

Premier Burt concluded, “As part of this Government’s ongoing commitment to providing as much relief as possible for hard-working Bermudian families, we kept our promise to freeze fuel costs. I’m pleased that today I can announce that gasoline prices are no longer frozen at last February’s levels, but those prices are going down.”

The new maximum price of gasoline sold in Bermuda is 228.9 cents a litre, down from the price cap of 234.1 cents per litre from February 2022. This change goes into effect today - January 17th, 2023.