Pointe-a-Pierre MP David Lee is calling on Government to honour its promise to reduce fuel prices for Christmas now that global oil prices have decreased.
In a statement on Thursday, Lee made a case for a reduced fuel price, which has seen substantial increases in the last year.
Using West Texas Intermediate (WTI) and Brent as benchmarks for his argument, Lee said that given the fall in the oil prices, Government must give serious consideration to lowering prices, based on its promise to reduce prices once that global reduction was significant.
“With WTI presently averaging US $70 per barrel and Brent at US $74 per barrel, the government has absolutely no logical justification or merit to continue charging citizens a fuel price at the pump that is based on an oil price of $90 as stipulated in the 2023 budget one year ago.
“For the sake of our nation facing a sky-rocketing cost of living, incoming property tax as well as utility bill hikes, the Opposition calls on the Prime Minister for a fifth time this year to state why he has failed to live up to his promise of reducing fuel prices when the oil price decreased.”
Lee said that to date, “Rowley has broken his promise made in the 2023 budget presentation that the price of fuel would be reduced once oil prices fell, as they have.”
He quoted Rowley's statement to the Parliament, “If it drops to $80, premium drops to $6.28, super to $6.05. And if it drops to $75, premium will drop to $5.68 and super will drop to $5.43. So, between $87 and $77, the price will drop from $6.97 to $5.43.”
Lee said, “This Government increased the price of fuel twice in 2022 due to rising oil prices, yet after 12 months of persistent weekly contractions well below US$90 per barrel, they never reduced our fuel price at the pump by a single cent.
“With the Prime Minister boasting about increased revenue for TT through the Atlantic LNG re-negotiations, he has a duty to reduce fuel prices, especially at this Christmas period.”
He said such a move would result in lower food prices, transportation costs and disposable income for a population facing a dire Christmas season.