00:03As the conflict in the Middle East hits the 25-day mark, oil prices are now averaging $90 WTI.
00:11Countries which rely on fuel imports are feeling the heat.
00:15However, Minister of Finance, DeVenture Nath-Tanku, notes Trinidad and Tobago is in a unique position.
00:22The price of energy products have increased. That's a mixed blessing because we import a lot of the fuels that
00:30we use in Trinidad to be going.
00:31Therefore, the cost of government, the cost of the country has gone up. Also, their shipping costs have also gone
00:37up.
00:37We produce gas, we produce some oil, and therefore, as a result, we would have increased our take from the
00:44higher prices that have resulted.
00:46What is required now is a bit of a balancing act because we have some increased costs and we have
00:51some increased revenue.
00:52But there's a bit of a balancing act, knowing that this is a blip, this is a short-term situation,
00:59and we can't get overly confident.
01:01The minister had pegged the 2026 budget on an oil price of U.S. $73.25 per barrel, with prices
01:10now roughly U.S. $13 more per barrel and no end in sight to the conflict in the Middle East.
01:16The minister is giving the assurance that government is willing to absorb the cost for now.
01:22Are we going to increase the price of fuel? Because the price of imported fuel has gone up, and therefore,
01:27as a government, we are paying more for fuel.
01:29Are you not asking these questions?
01:33The answer to that is no, not at this point.
01:36In his budget presentation last year, the finance minister had projected a gas price of U.S. $4.25 per
01:44MMBTU.
01:45However, as of March 25th, while gas prices have increased slightly, the price is still just under $3.
01:53The minister is due to present the mid-year budget review in a few weeks.
02:07The minister was speaking at a TTMA event, where he earlier acknowledged that the country is in a challenging situation.
02:15But he's seeking to assure the national community that things will turn around.
02:21But when you have, I don't want to use the crude language, but if there's a gas in your hands,
02:26if your hand is broken, there is initial pain when you try to adjust.
02:30And that's what we are going through now.
02:32We are going through the healing pains.
02:35But the healing is coming, and it's coming incrementally.
02:39Renasa Cutting, TV6 News.
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