The delay in conducting a study has disrupted the government’s plan to increase margins of dealers and oil marketing companies (OMCs) on sale of petroleum products.
There could be lower fuel prices at the pump in 2021, says president of the Petroleum Dealers Association (PDA) Robin Narinesingh.
Speaking to the Express by phone yesterday, Narinesingh said he hopes if this happens, the country could also see lower food prices at the supermarkets and a decrease in maxi and taxi rates.
In delivering the national budget in October, Finance Minister Colm Imbert said the Government will be making way for gas station owners to set their own fuel prices.
He said the State has spent $25 billion in fuel subsidies over the last 14 years.
âWe are of the view that in the context of the projected international oil prices, the fuel market should now be liberalised. Under this arrangementâwhich is targeted for introduction in 2021âthe fixed retail margins for all liquid petroleum products will be removed. Petroleum dealers and retailers will now be allowed to fix their own margins,â Imbert said.
Dealers to set gas price by end January
Thursday 31 December 2020
FILE PHOTO: An NP gas station at the O’Meara Road and Churchill Roosevelt Highway intersection in Arima. NP gas stations will be sold to private owners who will be able to set their own gas prices by the end of January 2021. - ROGER JACOB
ENERGY Minister Franklin Khan on Wednesday told Newsday he will initiate a free market in the retail sale of gasoline by the end of January, but not on January 1, 2021 as commonly but wrongly believed. He also promised to tell drivers the wholesale price paid by dealers for their gas so that they might make informed choices.