Barbados’ heavy dependence on imported fossil fuels is leaving the country vulnerable to global oil shocks that can send its fuel import bill soaring by hundreds of millions of dollars, Minister of Energy, Business Development and Consumer Affairs Kerrie Symmonds has warned.

Speaking at the State of the Energy Sector national conversation at the Lloyd Erskine Sandiford Centre, Symmonds said geopolitical instability, particularly affecting key transit routes such as the Strait of Hormuz, can trigger dramatic price swings that directly affect Barbadian consumers.

With the island dependent on imports for more than 90 per cent of its fossil fuels, fluctuating crude prices present a continuous challenge to national economic stability.