WHILE the Government is moving full steam ahead with its fuel liberalisation plans, Energy Minister Stuart Young said there is no plan to allow the private sector to import fuel.
Young at the time was responding to questions posed by the media at the post-Cabinet media briefing held at the Diplomatic Centre, St Ann's on Thursday.
In his 2020 budget presentation, Finance Minister Colm Imbert announced the decision to liberalise the fuel market and remove subsidies in January, allowing prices to be determined by market forces. He also announced the sale of National Petroleum (NP)-owned gas stations to the private sector with retailers and dealers being able to fix their own prices.
In piloting the Finance Bill in the Senate on Tuesday, Imbert said there will be transparency in the system. He told the Senate that the price that Paria Fuel Trading Co Ltd pays for fuel along with its handling costs and other expenses will be known and published.
Asked if there was any consideration that will allow private companies to import fuel themselves with this new system, Young said: 'We have spent significant time discussing fuel liberalisation, the answer is no.'
'At this time we will stick with Paria importing fuel into TT. I can assure the population that Paria is getting very good pricing for fuel on the international market' he added.
Young added that Paria currently purchases fuel from traders because refineries refused to offer them credit, since it is a relatively new company. This, he said, has its benefits as Paria now can purchase from traders who at times will have fuel that was pre-ordered and cancelled and could be sold below the market price.
The move to liberalise the fuel market has not been well received with many calling for it not to begin until the country is more financially stable. One voice is that of Visham Babwah, president of the Automotive Dealers Association. In June, he told Newsday that the timing was wrong and would further devastate the economy already weakened by the covid19 pandemic. Babwah said he viewed the liberalisation as another form of taxation to impose on the already burdened taxpayer.
On Tuesday, Imbert said the liberalisation would not be implemented immediately because of a commencement provision in the bill.
Young also told the Parliament there would be measures to protect the public from overpricing.
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