RA To ‘Align Prices With Standstill Provisions’
The RA decided it was “appropriate to suspend its earlier technical communication and align retail prices with the standstill provisions set out by the Government.”
A spokesperson said, “The Regulatory Authority of Bermuda [the RA] acknowledges the recent public statement issued by the Minister of Home Affairs regarding the current global fuel crisis and its impact on Bermuda’s retail fuel pricing.
“The RA operates under the Fuels Act 2022, legislation enacted by the Government of Bermuda, and applies an established pricing methodology developed prior to the transfer of regulatory responsibility to the RA. This methodology has remained unchanged and is applied consistently and transparently in the assessment of monthly fuel price submissions.
“Fuel pricing in Bermuda is determined through a formula-driven process that incorporates global fuel costs, Government-set duties and taxes, and regulated margins across the supply chain. The only variable element in this framework is the global cost of fuel, which is outside of Bermuda’s control.”
Donn Foggo, Director of Communications & Stakeholder Engagement, said: “We fully recognise the impact that fuel prices have on households and businesses across Bermuda. Every decision we make considers the consumer, but it must also ensure that the systems people rely on every day continue to function without disruption. That balance is not theoretical, it is essential. Our responsibility is to get that balance right, using a methodology that is consistent and grounded in fact.”
A spokesperson added, “In April 2026, the RA completed its routine monthly assessment in accordance with this established methodology and set an approved retail fuel pricing on April 14th 2026. Following the issuance of an initial Ministerial Direction on April 15th 2026, then by a revisal on April 16th 2026, the RA’s Board convened to assess the implications of that Direction within its statutory remit, including concern for the island’s fuel supply and the need to balance fair pricing with the continued reliability and stability of Bermuda’s fuel supply.
“Decisions taken by the Board are guided by law, established methodology, and a responsibility to balance consumer interest with the sustainability and security of essential services. As such, the Board acted to ensure that any implementation of the Ministerial Direction could be supported by a clear, workable, and lawful mechanism, thereby avoiding unnecessary litigation, financial, or operational risk.
“After receiving further clarity an Saturday April 18th from the Hon. Alexa Lightbourne, JP, MP, regarding the proposed funding mechanism to offset sector impacts, the Board determined that it was appropriate to suspend its earlier technical communication and align retail prices with the standstill provisions set out by the Government, while preserving its ability to revisit the matter as necessary.”
“The RA is a technical regulator, and our role is to apply established methodologies grounded in law, data, and market realities,” stated Richard Ambrosio, Chief Executive of the RA. “Our decisions must carefully balance the interests of consumers with the need to ensure a stable, reliable supply of essential services, in this instance fuels. This requires a disciplined, evidence-based approach and ongoing engagement with both Government and industry to ensure that policy objectives are implemented in a manner that is operationally sound and sustainable.”
A spokesperson added, “The RA emphasises that its role is not to set policy, but to implement and administer the framework established by Government in a manner that is fair, transparent, and consistent with its statutory obligations.
“The RA will continue to engage with the Ministry of Home Affairs, the Ministry of Finance, and industry stakeholders to support the development of a clear and effective mechanism that aligns with Government policy while safeguarding the long-term reliability of Bermuda’s fuel supply.
“For more information, visit: https://www.ra.bm/articles/understanding-fuel-pricing-in-bermuda-the-ras-role-and-recent-decisions “
Read More About
Category: All, News, technology
