Minister Lightbourne On Energy Market
“The Ministry of Home Affairs is closely monitoring the impact of the ongoing conflict in the Middle East on global oil markets and the potential consequences for Bermuda’s fuel and energy costs,” Minister of Home Affairs Alexa Lightbourne said.
A Government spokesperson said, “Today the Minister of Home Affairs, the Hon. Alexa Lightbourne, JP, MP, shared the following regarding the recent market volatility and fluctuation in prices relating to energy, fuel and oil.”
Minister Lightbourne said, “The Ministry of Home Affairs is closely monitoring the impact of the ongoing conflict in the Middle East on global oil markets and the potential consequences for Bermuda’s fuel and energy costs. Bermuda relies entirely on imported fuel, and as a small island jurisdiction, we are not immune to global price shocks. We understand the concern this creates for families and businesses already navigating a high cost of living.
“The regulation of Bermuda’s energy and fuel sectors falls under the Regulatory Authority of Bermuda, which has independent statutory responsibility for overseeing electricity tariffs, fuel pricing, and consumer protection.
“The Ministry has received a detailed briefing from the Regulatory Authority on the current market situation, including the mechanisms in place to moderate the pace at which global price movements flow through to local consumers. Retail fuel prices are reviewed monthly, while electricity costs are adjusted quarterly through the Fuel Adjustment Rate; both of which provide points at which the impact of global movements is assessed before reaching consumers.
“This Government has already taken decisive action to reduce the burden of energy costs on Bermudian households through recent budget measures. When Bermuda last faced a global fuel price spike, this Government acted swiftly to cap the price of fuel to protect consumers, and we will not hesitate to consider that option again if the situation warrants it. The Ministry will continue to work closely with the Regulatory Authority and industry stakeholders to safeguard affordability and keep the public informed, as the situation develops.”
