Rymer to push for BVIEC subsidy extension if oil prices remain high
Utilities Minister Kye Rymer said he will push for the continuation of an electricity bill subsidy for residents if oil prices remain high at the end of the year.
The government announced a subsidy on the fuel surcharge component of the BVI Electricity Corporation (BVIEC) bills for residents – 50 per cent for the months of October and November and another 100 per cent for December – after months of complaints about escalating bills.
Rymer said at a recent press conference last week that he was hopeful the Russia-Ukraine war would end soon and that the world would see more production of oil and those prices will come down.
When asked whether the government is prepared to do a further subsidy beyond December, Rymer said, “Our plan is to ease the burden of the customer – I can’t speak for the Minister of Finance, but I will surely be prompting him if the prices remain the same; that we find some sort of funds to continue this ease for our residential customers.”
Premier Dr Natalio Wheatley agreed with Minister Rymer and said his government will certainly look at continued relief measures if fuel prices remain as they are currently. The Premier also noted that the issue is one which his government will have to continue to monitor closely.
In the meantime, while conceding that there are difficulties at present, Premier Wheatley said the government has to do all it can to ensure the territory has a very good tourist season since this brings in much-needed revenue.
According to the Premier, the government also has to make sure it protects the financial services industry and to ensure it finds ways to diversify the BVI’s economy to increase the gross domestic product and also increase government revenues.
“It’s a difficult task that we’re in right now; of course having to finance everything that we have to finance, but certainly we can’t forget about the welfare of our people,” Dr Wheatley said.
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How about 5% import duty too
If oil prices remain high?
Bro, you that lost in the woods? We run on diesel exclusively – if you have not been following Global news even the USA is working on a 25-day diesel reserve due to extreme shortages. Our entire island wide commerce (be it transport (vehicle or boat) or infrastructure), is almost entirely dependent on diesel fuel.
You think the price of diesel is going to go ‘south’ for the winter? Noooo Sir!
Encourage more green energy and get people to save electricity, turn down the A/C units.
make it easier to install solar, not harder
Based on his statements as reported here, he may as well push for those subsidy’s now as his thinking is being shaped by two unlikely scenarios:
1. Oil prices WILL remain high by years end. If one understand the oil markets and the geopolitics involved, the oil prices will remain high. Factoring in the increase demand for oil during the holidays, oil prices can be expected to increase.
2. It is highly unlikely the war between Russia and Ukraine will end soon. This is and will continue to be a protracted war that may take years to end.
When it does, one cannot anticipate Russian oil will suddenly return to market and become more assessable to the West.
Russia will remain under sanctions, and Europe and the West will continue to navigate away from Russian Oil in the indefinite future.
What the BVI needs to address high energy cost is more than subsidy’s. It needs to embrace and encourage alternative energy such as solar and wind. The previous NDP government had the right idea on this but unfortunately that like so many other promises they made never came to fruition.
We blame covid, we blame Irma/Maria, we blame Ukraine/Russia, we blame floods…Apparently no political leader or public officer can avoid any of these words in any of the speeches. Always something else to blame but ourselves.
Why are we paying more for fuel surcharge than electrical consumption. This is mad and it is unethical, and highway robbery to the consumers.
Where does the fuel that BVIEC consumes comes from? If it is coming from Ukraine, please, seek another source. Venezuela is right there. Why are the people being hold to ramsom over and over all the time
There needs to be more management oversight at BVIEC. While we were paying the fuel surcharge BVIEC was buying a new fleet of trucks, paying bonuses to all of the managers, not making any cutbacks in expenses as we the private industry have had to do with COVID and the decline of the economy. They and our Government are totally tone deaf, having no idea that responsible management should react by cutting expenses. WE NEED REAL MANAGERS! FIX OUR ROADS, WATER, and SEWERAGE! No spending that isn’t on infrastructure!!
When will this credit that’s will be given?? My bill went from 108.00 (I live alone) to 380 from in March maan,come on … People here ae suffering, jobs aint paying, groceries worst and the medical… LORDY, ALLYO GOVERMENT COULD DO ALOT BETTER than this…
Is the BVIEC a corporation, designed to show a profit for investors or is it a government DEPARTMENT?
IF it’s a corporation, why is our government underwriting corporate profit?
Which is it? A corporation or a department?
This is just a temporary fix and I believe that the Corporation will jack up the bills for these three months so that they can still make the projected amount of money.
But Mr. Minister you need to work on the Water and Sewerage bills that are strangling people. Remember, every man, woman and other are affected by this as well. Fix it before it affects you negatively at the polls. You can do it.
The Water and Sewage bills are INCORRECT/WRONG. This needs attention. You may fix the roads and other things before election but do not leave this water bill issue unattended or it will hurt you.
Due to one set of incompetent politicians after the next we are still relying on Fossil Fuels, Costa Rica which is a much larger country if almost completely green. Just curious are the Alternative Energy companies not giving any donations….?