The Government must immediately reduce the price of fuel at the pump given the significant fall in the price of oil globally. With WTI presently averaging US 70 dollars per barrel and Brent at US 74 dollars per barrel, the government has absolutely no logical justification or merit to continue charging citizens a fuel price at the pump that is based on an oil price of $90 dollars as stipulated in the 2023 budget one year ago.
For the sake of our nation facing a skyrocketing cost of living, incoming property tax as well as utility bill hikes, the Opposition calls on the Prime Minister for a fifth time this year to state why he has failed to live up to his promise of reducing fuel prices when the oil price decreased.
For over a year the Prime Minister has broken his promise made in the 2023 Budget presentation that the price of fuel would be reduced once oil prices fell, as they have. As a matter of fact, the Prime Minister in his own words has told the Parliament “If it drops to $80, premium drops to 6.28, super to 6.05. And if it drops to $75, premium will drop to 5.68 and super will drop to 5.43. So, between 87 and 77, the price will drop from 6.97 to 5.43”
This Government increased the price of fuel twice in 2022 due to rising oil prices, yet after 12 months of persistent weekly contractions well below US 90 dollars per barrel, they never reduced our fuel price at the pump by a single cent.
With the Prime Minister boasting about increased revenue for T&T through the Atlantic LNG re-negotiations, he has a duty to reduce fuel prices especially at this Christmas period which would result in lower food prices, transportation cost and disposable income for a population facing a dire Christmas season.