Gov’t establishes task force to police against price gouging
Premier Andrew Fahie has announced that a new task force will be established to monitor gas prices and other goods to ensure businesses do not increase their prices unjustifiably.
Speaking at a press conference last night, Fahie issued a stern warning to business operators and urged them to refrain from unethical business practices such as price gouging.
The Premier said the monitoring team will be made up of Customs officers and members of the Department of Trade, among others.
“Customs and other members of the task force will be visiting petroleum companies, gas stations, and other businesses to ascertain information as to the current cost of fuel and other products and match them to the prices paid by those same companies for their last stock received in the BVI for which duty was paid on the price listed at that time,” Fahie said.
“Each company’s increase in prices will be marked from their last imported price on fuel and goods and will be checked against their invoice. This means businesses will now be required to share their invoices with government,” the Premier added.
Only regular price mark-ups acceptable
He said all gas prices should reflect the regular mark up on the product received in the last shipment of their product to the BVI. Fahie said the current action by the government will be an ongoing process until further notice.
The Premier said the Task Force will be meeting this week with all service stations and petroleum companies, along with other businesses to explain what will be required as the territory continues to monitor the economical threat.
“In addition, the exercise will also be one to gather ideas to assist in forming strategies for softening, as much as would be possible, the financial blow to consumers and businesses which may lie ahead [because of the ongoing war between Russia and Ukraine],” Fahie said.
The Premier said he is mindful that in some jurisdictions, the prices of fuel have increased and will continue to increase soon. However, he noted these unavoidable factors should not be used as a tool to take advantage of consumers.
“Your government is here to protect the interests and well-being of the people of the Virgin Islands at all times while ensuring there is also a fair balance with the legitimate interests of businesses. In this vein, we will not accept unjustifiable actions that will force further unnecessary financial burden on our single mothers, struggling fathers, and all the people of the Virgin Islands,” Fahie said.
He called for the full cooperation of businesses with the Task Force once they begin to make rounds.
Group also established to monitor war
Fahie added that an ad-hoc working group has been established to monitor the effects of the war and to recommend measures for immediate consideration and implementation by the government. It is expected to assist in minimising the economic fallout of the ongoing Russia-Ukraine conflict.
“My government and I want to commend the many businesses who continue to carry out their daily business affairs with ethics and with care for the consumers. Those businesses have nothing to worry about when the Task Force comes to their business,” he said.
The Premier noted the measures are not an attack on businesses but rather an effort to stop price gouging.
“Your government continue to work with our different businesses as we continue to also work for you the people, the consumers,” the Premier said.
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Pure gimmicks, he hoping the masses fall for this as we in election cycle. A government that is clueless when it comes to business. Will he tell the BVIEC not to use the fuel surcharge ?
Socialist governments try this tactic every time. Hit by inflation they attempt to control consumer goods.
What they are doing is killing the economy. Business will no longer be able to make profits, pay loans or leases, and will be forced to close.
Socialism is an ugly end to any economy and our death throes are just beginning
When the local businesses raise their prices and the average person decides not to patronise these Establishments, who are you going to blame? Fricking Greed and less Emphatic People is what killing the Economy.
Apparently you don’t understand economics, supply and demand. Small minded thinkers can’t and I feel for you.
Your statements are in line with Dear Leader. Blame the merchant who is trying to sell a product that used to cost a certain price, but now is more expensive.
How shallow of you.
How will compliance be enforced. Is there a Consumer Protection law in effect?
How can you dictate to a private business what prices they should mark their goods?
If it’s doable then great is this simply hot air. What if they close their business/ go on strike as a result…
Anyone worried that the private doctors are charging our HNI 80 million United States Dollars every year?
EIGHTY MILLION DOLLARS CHARGED BY DOCTORS AND CLININCS
exactly. is that not price gouging?
Bunch ah thieves
Make this make sense. They still cannot do anything. You all keep fooling or trying to fool people.
Smoke and mirrors!
NO COMSUMER PROTECTION LAW?
EVERY BUSINESS WHEN IMPORTING ALREADY HAS TO SUBMIT ALL INVOICES TO CUSTOMS?
THE MAN IS CLUELESS… RESIND ALL THE GOVERNMENT INCREASES TO BUSINESS YOU IMPOSED IN THE LAST 3 YEARS THEN BUSINESS CAN EASE UP ON THE PEOPLE?
Does this apply to the blah blah man’s company???
Make sense Andrew.
Where are your scores of paid by the like consultants???
Stop embarrassing this place with the nonsense you are spewing.
Task force to locate the ” escaped” illegal immigrant detainees roaming about placing our lives in danger is doable and sensible.
Pretending u have authority to dictate and regulate prices is false and chupiddy.
Stop the Nonsense!!!!
Not all of the people are graduates of your infamous Good to Great Program.
He knows there’s a war going on right? It’s not price gouging, it’s the market.
Stunt. There is no law that can make this enforceable.
Finally somebody actually being proactive and now people complaining lol.
It would make sense if the task force could do something about it. They can’t and they know it. Bring your head from below the sand
Haha I meant charging y’all the increased price of gas while still using last year barrel.
It maybe unethical, immoral but is it legal? That is where you come in Hon. Premier. I agree that what they are doing is morally and ethically wrong but where is the legislation to prevent this from happening.
Also the next supply that comes which would more likely be higher in cost what will your Government do then?
The REAL businesses that suffered during the pandemic were not given any proper stimulus. Instead, millions of dollars were funneled to supporters under false pretense and now we have nothing to show for it. No task force was set up to monitor and confirm how the stimulus millions were spent but here we are trying to demonize businesses who are already struggling. Did the Premier even try to meet with the fuel companies and others? What about the increased port fees SPONSORED BY GOVERNMENT that has food and everything else through the roof even before the Russian conflict? The BVI got the Government they deserved so suck it up.
So this task force will be armed with subpoenas and search warrants authorizing them to search snd ask questions about what is none of their business?
Appealing to conscience is one thing but trying to be PapaDoc is Tom foolery.
The UK is a democracy and so are its territories. Dictatorship seems to be Andrew’s I have a dream.
The same Government that raised Port fees during the worst pandemic in 100 years as they love to say. The businesses begged and pleaded with Government to hold back on the port fee increase but they ploughed ahead. They can beg SSB for monies when it comes to buying votes but if BVIPA was so strapped for cash why not get a soft loan from SSB to fill the gaps? No, they wanted it on the backs of people and here now acting as if they’re the hero. This is like the robber stealing from your house, run down the road, change into Police clothing and come back to interview the occupants about what happened. The BVI is in a downward spiral and real leadership is sorely needed.
Increase the basic pay. Basic pay on the island is still from 80’s
The premier think people stupid task force to to enforce what exactly… enforce it how!? It don’t got no laws protecting us from greedy businesspeople here in the BVI. Unethical does not mean illegal so what he and his task force enforcing? He sound good but its just talk.
There’s no such laws in the BVI where customs, police or any other agency can fine, confine, arrest etc. anyone or businesses for what prices they choose to sell their products for. Andrew’s name should have been “l**r B**ly Fahie” instead of Andrew Fahie! Don’t worry people, time longer than twine!
What is so interesting is that government is responsible for increasing the cost of living in this country. If port fees increase what are businesses expected to do?
$4.83. Kettle.Thats what I paid..
are at it again / it worked last election so they tell themselves it got to work again / and the fellow who beat his chest and said ( AM A BIG GUY )has already written the script
Where there is no vision , the people perish , where there is no LAW, you cant charge me.
I guess trying to keep the taxi man off his back. We are in some serious trouble. Smdh.
Huntums ghut gas station last Saturday had $4.50 for gas on their billboard in the morning and same evening we’re charging $5,50!!! A dollar per gallon increase in less than 8 hours !! Cmon man. We know Russia didn’t deliver overnight !! Gougers !!?