00:00Mr. Williams has cautioned that the Tobago business sector already grappling with economic pressures may have little choice but to
00:08transfer those higher expenses to customers.
00:11He added that while businesses will try to absorb some of the impact of the war in the Middle East,
00:18sustained increases in shipping, energy and raw material costs could inevitably lead to higher prices across the island.
00:26Well definitely we will have some kind of a ripple effect going through because oil is a base for a
00:35lot of products throughout the world and if the price of oil goes up then we can see that that
00:42cost is going to be passed on to some of our manufacturers across the globe.
00:47Curtis Williams said prices may increase if the war in the Middle East continues, warning that prolonged conflict could drive
00:56up import and operating costs for businesses in Tobago.
01:00We do export oil. Yes we will get some money coming in but then we have the finished product we
01:08import. So we import the gasoline and all of that so the prices will definitely go up. So we're hoping
01:15that it's able to balance off somewhere along the line.
01:18Williams said he remains hopeful good sense would prevail for the sake of the local, regional and international business communities.
01:27We're hoping that the war don't continue because it's not something that we want to see sustain. We're hoping that
01:33good sense prevails and all parties come to some sort of arrangement so that the prolong of that war don't
01:42happen.
01:43Elizabeth Williams, TV6 News.
Comments