Bridgetown.
Barbadians are being warned to brace for higher oil prices, the warning came chief executive officer of the Enterprise Growth Fund Limted Timothy Simmons
. Speaking at the launch of the Engery Smart Fund yesterday which officials hope can cut the island's import bill and place Barbados on the path to a green economy.
Simmons said that as a result of global developments, "We must brace ourselves for higher oil prices in the forseeable future".
Up to September this year, Barbados fuel bill stood at $587 million compared to the $604 million for 2010, in 2009 fuel imports were $467 million.
Simmons said the Smart Engery Fund which is financed by the Inter American Development Bank has the potential to turn the situation around.
He lameted that the interest in developing alternative sources of energy on the island seems to evaporate whenever there a reduction in oil prices.
