St Vincent Prime Minister Dr. Godwin Friday has expressed total sympathy with families struggling to manage increasing energy prices, noting that the government recognized the need for intervention early.
During a national broadcast, the Prime Minister explained that the current price hikes are not of domestic making but are the result of the war in Iran and subsequent global supply issues.
To alleviate the burden on consumers, the government has removed the surcharge on fuel and the excise tax on diesel imported by VINLEC.
Furthermore, the government requested that VINLEC absorb a portion of the increased fuel costs rather than passing them entirely to the public.
In July alone, VINLEC absorbed over $730,000 that would have otherwise been charged to consumers.
Prime Minister Friday stated that while the current surcharge remains higher than he would like, it would have exceeded 90 cents per kilowatt-hour without these policy measures.
He emphasized that the government’s primary mandate is to protect the standard of living and that they are constantly reviewing creative ways to keep costs down.
