Vincentians may soon face a rise in the price of cement. Opposition leader Ralph Gonsalves on Wednesday said locals are expected to face increased construction costs due to external price hikes, though he hopes that the government policy mitigate this.
He said Vincentians will likely see the price of cement rise by nearly $9 EC per sack. This is driven by a 15% price increase from the supplier, Trinidad Cement Limited (TCL), which is set to take effect on February 9, 2026.
Gonsalves notes that the previous administration (ULP) removed all import duties, port charges, and VAT on cement. This policy was extended to December 31, 2025. The Opposition leader said he hopes the new government will maintain this policy; otherwise, the price increase for consumers would be even steeper.
The Opposition leader emphasised that cement prices directly correlate with construction activity. Consequently, rising costs could negatively impact jobs, wealth creation, and the overall economy, as construction is a major driver of employment.
Regarding fuel, the Gonsalves proposes a strategy focused on financing rather than direct price reduction.
Financing Arrangement: He suggests that the government should use diplomatic channels with CARICOM and the United States to revive a version of the PetroCaribe agreement with Venezuela.
Economic Impact: This proposed policy would not necessarily lower the price of fuel at the pump. Instead, it would provide favorable financing terms—specifically credit over 20 years at 1% interest.
Benefit to Locals: This arrangement would place the country and the state electricity company, Vinlec, under “less pressure,” allowing for better management of external accounts and securing the supply of diesel for electricity generation.
Gonsalves on Wednesday contrasts these realities with what he calls the “fantasy” sold by the current government (NDP) during the election, where they promised that prices would drop magically upon taking office.
He warns that without specific interventions, locals will face economic challenges related to these essential commodities.