UNC criticises Paria US$7b bill for refined products

OPPOSITION Senator Wade Mark has criticised the government for spending over US$7 billion to import refined fuel products over the last six years.

Speaking at the UNC’s Sunday media conference at its Chaguanas headquarters on August 11, Mark referenced reports of a freedom of information request made by Anthony Dopson, in another daily newspaper.

Paria said it spent US$430,773,410.61 of refined products between April 1, 2024, and June 30, 2024, and regionally it sold US$263,882,807.18 of refined products.

Mark said according to the Central Bank, energy companies are the third largest user of foreign exchange reserves, with the largest being retail and distribution, followed by the automotive industry.

He said the UNC analysed how much money had been spent by Paria Fuel Trading Company to import refined products from December 1, 2018 to June 30, 2024.

“From December 1, 2018 to September 30, 2019, US$997,760,993 was spent. From October 1, 2019 to September 30, 2020, US$884,489,256 was spent. From October 1, 2020 to September 30, 2021, US$1,046,361,904 was spent. From October 1, 2021 to September 30, 2022, US$1,996,381,525 was spent. From October 1, 2022 to September 30, 2023, US$1,389,187,961 was spent. From October 1, 2023 to June 30, 2024, US$1,291,613,621 was spent. This adds up to a total of US$7,605,795,200.”

Mark said when the Petrotrin refinery was in operation, Trinidad and Tobago was earning money, as the refinery was selling to regional partners.