00:00Minister in the Finance Ministry, Kennedy Swarid Singh, revealed to the Upper House the fiscal impact of the reduction in
00:06the price per litre of gasoline.
00:08He was responding to a question posed by Independent Senator Dr. Marlene Atts.
00:14So today, when international fuel prices rise, Trinidad and Tobago feeds it more directly.
00:20But despite this unfortunate inheritance from the previous administration, this government has not passed that burden on to the people.
00:27We have chosen to absorb that pressure because we understand that households are already under strain.
00:34Let us be clear, maintaining the reduced price of super gasoline does carry a cost to the state.
00:40Based on current estimates, this policy is expected to result in an additional subsidy requirement of approximately TT$318 million
00:50for fiscal 2026.
00:52He says despite the repercussions it may have on the national purse, there is a cost attached to doing nothing
00:59and the intention is to improve the lives of citizens in TNT.
01:03We have made a deliberate decision to shield citizens from those increases and to keep fuel prices stable, even when
01:10it requires support from the state.
01:12And let me say this clearly, Mr. President.
01:15We will not allow international price volatility to automatically translate into hardships for the people of Trinidad and Tobago.
01:22Mr. President, rising global fuel prices do increase, has increased the government's subsidy liability.
01:30From October 2025 to present, the estimated subsidy liability for fiscal year 2026 has increased due to movement in international
01:37oil prices.
01:39However, the actual impact on expenditure will depend on the payments made during the fiscal year, and these payments will
01:45continue to be managed carefully based on available fiscal space.
01:49That story takes us to tonight's People Meetup.
01:52We ask, do you expect the government to keep current fuel prices given the increase in the cost on the
01:58world market?
01:58To vote, text yes or no to the number 766-4886 or 766-4TV6.
02:04We'll have the results for you at the end of this newscast.
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