Government spends over US$3b on fuel imports

The government spent over US $3 billion in foreign exchange to import fuel for local use between 2019 and 2022 through Paria Fuel Trading Company.The revelation came from Energy and Energy Industries Minister Stuart Young in response to a question posed by opposition senator Wade Mark during Tuesday’s senate sitting.Young said Paria spent: US$487,854,949.83 in 2019 US$506,160,876.47 in 2020 US$581,984,541.94 in 2021 and US$986,332,229.25 in 2022. 

This gives a total of US$ 3,050,187,547.32 over the period.In response to a previous question, Young said Heritage Petroleum Company Ltd earned a foreign-exchange total of US$3,534,939,939 over the same period. 

He said the company earned: US$687,264,108 in 2019 US$631,943,901 in 2020 US$883,530,947 in 2021 and US$1,332,200,648 in 2022.