Minister of Energy and Energy Industries Stuart Young says that the Liberalisation of the fuel market had been the Government’s plan for some time.
He said citizens at the pump can expect to benefit when there are low world prices of oil and its derivatives.
However it also means the population would feel the pinch when prices increase.
Opposition leader Kamla Persad-Bissessar took Government to task for the liberalisation of the energy sector.
She said the only purpose of these changes was to increase fines and penalties imposed on the “small” man.
Speaking on Monday at the United National Congress (UNC) Virtual Report, she explained that the price of oil fluctuates based on global prices, but with the removal of the subsidy, when the oil prices are low, Government stands to benefit while taxpayers pay more at the pump.
Persad-Bissessar said this has knock-on effects for the average citizen as transportation costs will increase, meaning higher prices on goods and services.
However Minister Stuart told the Power Breakfast Show this morning that there are several factors that the population needs to be aware of.
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He also said things would be put in place to prevent a cartel from developing by placing a cap on prices.
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Minister Young also said the concerns of petroleum dealers would also be addressed.
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