Energy Minister, “Crackdown on Illegal Diesel Bunkering saved $1.46 Billion”

In the last four years there has been a significant reduction in the sale of subsidized diesel in Trinidad and Tobago.According to Minister Ramnarine, “in fiscal 2010, sales of subsidised diesel were approximately 649 million litres, while in fiscal 2014 the estimated figure was 514 million litres.

This represents a 21% reduction when a comparison is made between 2010 and 2014 figures, leading to an overall savings to the nation of an estimated $1.46 billion.

”This decline is a direct consequence of steps taken by the Ministry of Energy and Energy Affairs to clamp down on the illegal exportation of diesel.

This was achieved through collaboration with the Ministry of National Security and through the Customs and Excise Division.It should also be noted that this diesel would now be available for export by Petrotrin thus earning revenue and foreign exchange.

Minister Ramnarine assures that, “the Ministry will continue to work with other Government agencies to further clamp down on the illegal export of subsidized diesel.”It should be noted that diesel accounts for 50% of the overall fuel subsidy which is estimated at $4.1billion in Fiscal 2014.

This is a 6% reduction over the figure of $4.4 billion in Fiscal 2013.