Geopolitical tensions between Iran and the United States have been a key driver behind recent fuel price increases hitting Barbados Light & Power Co Ltd (BL&P) customers, but the company and Government have been working to limit the damage.

That was the word from BL&P’s managing director Roger Blackman, who said a combination of strategic fuel hedging and a Government subsidy has prevented consumers from feeling the full force of the global price surge.

He said the BL&P had locked in fuel purchases at US$95 and subsequently US$85 per barrel, cushioning customers from prices that would otherwise have soared past US$100. The Government, he added, has also stepped in with a subsidy designed to ensure the full cost was not passed directly to bill-payers.