Price gouging, is how the government describes the decision by transport providers to increase their prices exponentially after fuel prices were raised.
Minister of Finance, Colm Imbert, told the parliament Wednesday with respect to the impact of increased fuel prices on inflation, the actual component of fuel in the inflation calculation is small.
During the question and answer segment, Member of Parliament for Naparima, Rodney Charles, wanted to know whether the Government is prepared to immediately remove Value Added Tax from the sale of fuel at the pump.
MP Charles based his question on what he said was in light of the Central Bank’s November 2022 Monetary policy report, released this week, which indicated rising fuel prices were significantly impacting inflation and food prices through increased transport costs.
Minister Imbert cited the move by transport providers to carry up their prices and the effect this had on the population.
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