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They haven't rioted yetshake d livin wake d dead wrote:The short man say Brace yuhself again....come 2023 is more pain
hover11 wrote:They haven't rioted yetshake d livin wake d dead wrote:The short man say Brace yuhself again....come 2023 is more pain
DMan7 wrote:So if oil prices high we still have to suffer but when oil prices low we still have suffer? Make this make sense. It's best we come out of the oil business, seems like there is no benefit either way.
nervewrecker wrote:Time to go electric yes.
Some of these electric motor cycles speaking to me in ways I can't explain.
shake d livin wake d dead wrote:Everything could go up except salaries....that math not mathsing. So the "all over the world crew" should also have a look at salaries all over the world before trying to make a nonsensical argument.
timelapse wrote:Is funny how the 'all over the world ' work ethic, cleanliness, environmental concerns, discipline and other good things don't apply here
Check up on the green agenda.88sins wrote:timelapse wrote:Is funny how the 'all over the world ' work ethic, cleanliness, environmental concerns, discipline and other good things don't apply here
daz cuz Trinidad is not a real place, and God is from here so we exempted from plenty ting.
Not gonna happen when those same companies and that engineer are all friends. Private sector contributes nothing but profits off everything.nervewrecker wrote:Check up on the green agenda.88sins wrote:timelapse wrote:Is funny how the 'all over the world ' work ethic, cleanliness, environmental concerns, discipline and other good things don't apply here
daz cuz Trinidad is not a real place, and God is from here so we exempted from plenty ting.
Yes we have some companies planting a few trees as their contribution to carbon sequestration but that's all they will really accomplish.
Square pegs, usual usual. I holding my tongue on it....unless a certain engineer decide to put his best foot forward.
S_2NR wrote:gas prices dropping worldwide though so this is bs
Expect fuel prices to increase again as the Government looks to cap the fuel subsidy at $1 billion.
In his presentation at the Spotlight on the Economy at the Hyatt Regency in Port of Spain yesterday, Finance Minister Colm Imbert said the fuel subsidy is estimated to cost the Government $2.6 billion for 2022 at current energy prices.
He extrapolated that for fiscal 2023, it could cost $2.1 billion based on US$97.50 a barrel of oil.
He observed that for the month of March, when oil prices were at US$130, the Government’s fuel subsidy was $309 million.
In May, it was $310 million.
In June, it was $341 million.
“We are going to end this year with the Government having to have spent $2.6 billion on fuel subsidies in the last 12 months,” Imbert said.
He said the Government had expected a fuel subsidy of about $800-900 million.
“Nobody ever expected prices to remain at that level -105, 110, 120, that sort of thing,” he added.
“I don’t think we, as a country, can afford that. We have to, as the Prime Minister indicated, set up a limit on the amount of subsidy that we can pay and the rest of it will be used for other, more desirable, more productive purposes,” he said.
T&T’s motorists have enjoyed a fuel subsidy for the past 46 years. The public consumes over one billion litres of fuel a year, for just over one million cars on the road, for a population of 1.4 million.
In the past 20 years, the Government of T&T has spent over $31 billion on the fuel subsidy.
In 2000, the fuel subsidy was $449 million and remained steady until 2004 when it went up to $913 million.
In 2005 and 2006, it averaged $1.6 billion but then increased steadily to $2.2 billion in 2007, $3.6 billion in 2008, down to $1.6 billion in 2009 and then up to $2.9 billion in 2010.
From 2011 to 2014- the subsidy was over four billion-$4.4 billion in 2011, $4.5 billion in 2012, $4.4 billion in 2013 and 4.1 billion in 2014.
In 2015, it declined by almost half that trending amount to $2.1 billion.
In 2016, it was $400.8 million, $528.6 million in 2017, $739 million in 2018 and $276.7 million in 2019.
Equal distribution of cost
In April this year the price of fuel increased by $1 and diesel by 50 cents.
In a statement to Parliament at the time, Imbert noted that the adjustment was “not to the full market prices, but sufficient to allow an equal distribution of the cost.”
The prices of premium gasoline and super gasoline were adjusted by $1 per litre to $6.75 and $5.97 per litre respectively, while the price of diesel went up by 50 cents per litre to $3.91 per litre.
“It should be noted that the adjustment to the price of diesel at 50 cents per litre is half of the increase in the price of gasoline, in recognition of the fact that diesel fuel is widely used in public transportation and in the transportation of goods. The cost of LPG will remain fixed at $21 for a 20 pound cylinder of cooking gas for domestic customers, which is less than 25 per cent of the true market price and the Ministry of Energy and Energy Industries has been tasked to look at an appropriate price of LPG for commercial customers,” Imbert had said.
In budget 2021, Finance Minister Colm Imbert had announced the liberalisation of the fuel market with fuel prices to be subject to market forces.
He had noted the “process of liberalisation of fuel prices was scheduled to commence in February to March 2022.
“However, in October 2021, it was not expected, anywhere, that oil prices would increase by over 60 per cent in five months,” he said.
In his 2021 budget speech, Imbert had said that, since 1974, the liquid petroleum products market has been subject to public economic policy but it would have been changed in 2021 with the removal of the fuel subsidy.
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