April 8, 2022

Finance Minister Announce Increase In Fuel Prices

By Newsroom

Effective Tuesday April 19th, fuel prices will be adjusted.

The announcement was made by Finance Minister Colm Imbert during Friday’s sitting of the House of Representatives.

Premium and super gasoline will rise by $1 per litre to $6.75 and $5.97 respectively.

Diesel will see a 50 cent adjustment to $3.91 per litre while kerosene moves to$3.50.

LPG prices remain fixed.

As he made the announcement, Minister Imbert revealed that presently, the highest subsidy levels are on LPG and kerosene but there remains substantial subsidy on fuels used in transportation.

“By way of example, if unsubsidized, the retail prices of premium gasoline should vary from $6.18 per litre at an oil price of US$80 per barrel to $7.58 per litre at an oil price of US$100 per barrel. Similarly, using the same range of oil prices, the unsubsidised prices of super gasoline vary from $6.09 per litre to $7.46 per litre. Unsubsidised diesel prices vary from $5.35 per litre at an oil price of US$80 per barrel to $6.58 per litre at an oil price of US$100 per barrel,” he said.

“Accordingly, the fuel subsidy liability for the Government, i.e. the money that must be found from general tax revenues to subsidize the 1 billion litres of fuel consumed annually in Trinidad and Tobago varies from $922 million at an oil price of US$80 per barrel to $1.94 billion at an oil price of US$100 per barrel,” the Minister further revealed.

Government will also waive taxes and customs duty on suitably sized imported hybrid motor cars, both new and used, beginning in May.

 

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