A Proposed Cap on Fuel Prices at the Pumps

Fuel prices are at a record high at the pumps, threatening the livelihoods of many. The cost of living is going up even higher with sixty percent of the country already in poverty even before COVID. There is need for relief and G.O.B. has been in dialogue with private and public sector leaders to determine a way forward. One recommendation coming out of those meetings is the creation of a fund to put a cap on fuel prices that will guarantee that despite changing world oil prices, the effects won’t be felt by consumers. Prime Minister John Briceño explains how this process would potentially work.

Prime Minister John Briceño

Prime Minister John Briceño

“Many people in the industry want to have certainty, they want to be able to cap fuel at a price and keep it at that price so that if the price goes up, we are looking at setting up a fund from where we can get how to be able to pay the taxes and then when the prices go down, we keep it at that price until we can pay off the funds. So we hope that by next week Tuesday. I mean we had a long discussion in cabinet and now we have once again asked my ministry, agriculture, transportation and tourism to sit down and to try to come up with a right formula as to how we are going to be addressing that.”