Gas prices at the pump have fallen by 5.2 per cent from the price cap that was put in place last February, David Burt has announced.

The Premier and Minister of Finance said that while consumers around the world faced record-high gas prices, Bermuda escaped the same fate.

Mr Burt said: “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. The change goes into effect today – January 17, 2023.

Mr Burt claimed that the price freeze saved drivers $25 each time they refilled their cars over the summer when prices peaked.

“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.”

The drop in Bermuda gasoline prices is reflected in global prices. According to oilprices.com, the price of a gallon of gasoline in the US was $2.55 yesterday compared to $4.22 at its peak in June.

However, the January price is higher than the low of $2.07 in December.