Anti-Price Gouging Task Force was not effective, says Finance Minister
The Anti-Price Gouging Task Force has not been effective so the government is now trying to pivot to different ways to control the mark-up of prices for goods and services by businesses in the territory.
Back in March, former Premier Andrew Fahie said a new task force was being established to monitor gas prices and the cost if goods to ensure that businesses did not increase their prices unjustifiably.
The monitoring team was to be made up of Customs officers and members of the Department of Trade. It was promised that the team would visit the businesses and check invoices of the last imported price on goods and fuels to ensure the markup was fair and reasonable.
However, a month later, the former Premier said Virgin Islanders must wait as the task force was not in operation. Now, current Premier and Minister of Finance Dr Natalio Wheatley has finally put to bed the questions and in a press conference on Friday, he said the task force did not accomplish what it should have.
“Based on my investigations, the task force never really functioned but that is why I mentioned in this statement, that on an ongoing basis, we are going to bring together the Trade Commission and the Trade Commission has set up a Consumer Affairs Unit. Of course, the Trade Commission has not been brought into effect yet. But once it is brought into effect, it is going to have a Consumer Affairs Unit and that is really going to be the goal of the Unit,” the Premier said.
“They will work together with Central Statistics Office. They will work together with Customs. They will work together with the Ports to ensure that we have a system in place to not only monitor prices but if we have specific initiatives like concessions and we want to ensure that prices are passed on to the consumer, we will come up with a specific mechanism to making sure that takes place which will include collecting information from these particular businesses,” Dr Wheatley said.
The Premier also noted that the government is targeting different initiatives to ensure businesses can continue to operate with a profit, while consumers do not struggle with the increase in prices because of circumstances beyond their control.
“Maybe [that will come in the form of] agreeing on a particular markup on a specific basket of goods and of course, we also want to have discussions with these businesses in terms of what we can do to provide better prices to these businesses. Whether there are some adjustments we must make to our policy on the Ports and whether we must take a look at our CAP (Customs Automated Processing) System and what modifications would have to be made to our CAP system for customs,” Dr Wheatley said.
“So, now is a good opportunity I would say for us to have a broader conversation. We have engaged the BVICCHA (BVI Chamber of Commerce and Hotel Association) on the matter. So, we are going to be engaged with them on this matter. So, we want to have a conversation with our supermarkets; those persons who import heavily, our hardware stores and have a real conversation. Not an adversarial conversation,” he added.
The Premier said he understands how difficult it is to run a successful business so he wants to have a conversation on how the government can assist as the ultimate goal is not only to increase profits but to provide relief directly to the consumers.
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Gouging is part of the calculation in the price offered for most goods and services in the BVIs. Da is da price is usually the answer when you ask a local vendor how they came up with their estimate.
I knew it was a waste of time from day1
I hate when people are selling stuff and refuse to post the price…some supermarkets do that and oh boy, let’s not start with the ones on facebook…they never post the price, so they want people to inbox them lol JUST POST THE PRICE!!!
Cannot be investigated because a white envelope with green stuff inside makes the investigator go away.
Sometimes I wonder if you all have any clue of economics and business… to examine if a company is price gouging we will evaluate the FOB, CIF and the selling price??? Stop fooling people and get to work. So what about the other factors like rent, electricity, salaries, insurance, trucking… ??? Build these policies from the ground up with competent people and stop just giving sound bites to mislead the public
We will probably see this as an issue on the next COI report..and the incompetence continues
Instead of making these comments why don’t you participate by assisting since you seem to have solutions. We need to move the country forward not sit and complain and criticise…….
Of course it was a waste of time…ayo ain’t tired Andrew fooling ayo?
There was no such task therefore it could not be effective. Ask anyone who works in those Departments. Delusional politicians that can’t tell the truth on any day.
SUPER MARKETS ARE CHARGING FOR A BAG
TO PUT IN THE SAME GROCERIES THAT IS BOUGHT IN THE SAME SUPERMARKET , THAT 5HEY HAVE ALREADY JACKED UP THE PRICES ALREADY , AND THE PEOPLE WHO ARE STRUGGLING WITH SELLING THEIR VEGETABLES UNDER A TENT ,HAS THE COURTESY TO GIVE YOU A BAG TO PUT IN WHATEVER YOU BUY , ISN’T THAT SHAMEFUL , OR GREEDY FOR THESE BIG BOYS ? ❓
The more important question is “What you going to do about the electric bills rip off? That is a real biggie and is a government entity! Somebody answer that!
Does Slow Wande qualify to be minister of Finance? We in trouble buddy. All these trash politicians we have running around this place.
More than 10 years ago, while visiting St. Marten, I saw the difference in food prices. St. Marten is so much further away from the United States, yet their food prices where half of those in the BVI. Rip off in the BVI.
Need to first look at the government price gouging. Electricty is the first thing to look at.
15% duty on seafood, meat is 5% and chicken free. Something does not add up.
Another waist of time project only to keep the reporters busy,but yet some of the reporters are so uneducated and to think for themselves to go out to different establishments and businesses to find out who consumers is affected and what was the reduction the government help in reducing costs,but it seems the reporters are expats so they are afraid of getting fired and sent home… previous administration said that department would go in effect months ago yet people are feeling the pressure..this is a place where you can’t find a product you have to pay the price to get it…their isn’t no consumer protection or assurance.
For the price.