T&T Government Says There Is No Intention to Increase Fuel Costs Locally

• The Trinidad & Tobago government has no plans to raise fuel prices amid ongoing tensions in the Middle East, according to Finance Minister Davendranath Tancoo. He made the comments yesterday while speaking with journalists at the Trinidad and Tobago Manufacturers Association's (TTMA) Leadership Discussion and Networking Event at the Hyatt Regency (Trinidad), Port of Spain.
• Oil prices have surged in recent days amid the escalating conflict between a United States/Israel coalition and Iran, raising concerns over potential disruptions to energy supply routes in the region. Referencing the situation and its impact on global oil markets, Tancoo acknowledged that while Trinidad & Tobago has no role in the war, the recent surge in energy prices could impact the country. Notwithstanding, he reiterated that, despite rising global prices, there is no intention to increase fuel costs locally.
• He described the development as a “mixed blessing”, noting the country imports a significant portion of its fuel. “Therefore, the cost to the Government has gone up. Shipping costs have also gone up. We produce some oil and, therefore, as a result, we would have increased the take from the higher prices that have resulted.”
• Minister of Energy Dr Roodal Moonilal had stated earlier this month that rising global liquefied natural gas (LNG) prices amid Middle East tensions could boost Trinidad and Tobago's export earnings. He noted that the country's position as a net LNG exporter made it more resilient than import-dependent economies during periods of global supply uncertainty. “Trinidad and Tobago's exposure to global LNG supply disruptions is fundamentally different from that of major import-dependent economies,” he added.

(Source: Trinidad Express Newspapers)