President of the Penal/Debe Chamber, Shiva Roopnarine, has expressed concern about the adverse effect the hike in fuel prices will have on low-income earners.
Roopnarine said overall the country has experienced a 33.3 per cent increase in fuel prices. “The timing is right in terms of the oil prices being down. But what will happen to the prices? The poor people will suffer the most.
“There has already been an increase in the number of items attracting VAT which affects the lower income the most and now they have to dip into their pockets to spend more on fuel.”
He said this was happening at a time when people were having problems accessing food cards and government programmes and were losing their jobs.
“We have to wait and see what the repercussions will have,” he said.
Roopnarine said the chamber would continue to advocate for light manufacturing industries and factory shelves to encourage small manufacturers to grow their business and create employment in the Penal/ Debe area which appears to be the hub and gateway to Point Fortin and the southwestern side of the country.
Couva/Point Lisas Chamber president Liaquat Ali said what was said by Finance Minister Colm Imbert in yesterday’s mid-year budget review came as no surprise to anyone.
Ali said the chamber had no problem with the hike in fuel prices and was in agreement with the seven per cent tax on online shopping. He, however, felt the budget should have been pegged at US$30 or less per barrel.
Chaguanas chamber president Richie Sookhai said he was pleased with Imbert’s announcement that the Government would be visiting banks to see how foreign exchange was distributed.
He said the chamber, for many years, had been saying that the issue with foreign exchange distribution might not be with the Central Bank but with commercial banks.
He added that there had been reports of favouritism at commercial banks and this initiative would bring transparency.
Sookhai also felt the increase in fuel prices would have a definite impact on commuters since it would affect transportation fares and cost of living.