Technical group monitoring prices across BVI, says Premier
A section of Tortola. (BVI News photo)
A technical working group established by the government is actively monitoring prices across the Virgin Islands as authorities assess the potential economic impact of global conflicts and rising fuel costs.
Premier Dr Natalio Wheatley disclosed the initiative during a recent press conference while responding to questions about possible price increases and concerns about price gouging in the territory.
The Premier said the group was formed within the Ministry of Financial Services, Economic Development and Digital Transformation and has already begun analysing global developments that could affect the territory’s economy.
“Let me say that we have in the Ministry of Financial Services, Economic Development, and Digital Transformation put together a technical group,” Dr Wheatley said. “And the technical group has already produced a report on the Iran conflict, the impact already, and potential impacts.”
He explained that the report includes recommendations which are currently under review by his government.
“So I’m studying that report right now, but that report does have recommendations for me that I’m studying very carefully,” Dr Wheatley stated.
According to the Premier, the working group’s responsibilities extend beyond monitoring fuel prices and include tracking broader price movements across the territory.
He indicated that his government has been closely monitoring developments in global markets, particularly fuel prices, which are largely determined internationally.
He noted that geopolitical tensions, including developments involving Iran, have already contributed to rising fuel costs and could continue to affect prices locally.
“The situation in Iran has already resulted in increased fuel prices, and it is predicted that those prices will continue to rise,” Dr Wheatley stated.
Alongside monitoring prices, the Dr Wheatley-led government is preparing legislative measures to address potential price gouging.
The Premier said a revised Consumer Protection Act will soon be brought before the House of Assembly. The proposed legislation is expected to include stronger provisions against businesses that exploit emergencies or disasters by unfairly raising prices.
“And of course, we have a Consumer Protection Act, which is going to be coming to the House soon,” Dr Wheatley said. “I believe that Consumer Protection Act will have a lot stronger language in it about price gouging, especially in a disaster,” Wheatley stated.
He added that the legislation would establish the necessary legal framework for authorities to intervene if excessive price increases occur.
“So we would need a legislative framework to ensure that we can take action against things like that,” he added.
The Premier said the government will continue monitoring global developments and their potential effects on prices in the Virgin Islands.
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A set of talk no action why do we need all this h..t. We know prices are high.
But they will never do price control especially with u know who as head of the ministry and now lil brother coming back in politics .
Its all about self interest but it serve the people right because we have had good representation who the voters kick to the curb.
A set of talk no action why do we need all this nonsense. We know prices are high.
But they will never do price control especially with u know who as head of the ministry and now lil brother coming back in politics .
Its all about self interest but it serve the people right because we have had good representation who the voters kick to the curb.
The Consumer Affairs Department or a Price Control department should spearhead this initiative…a Technical Working Group is temporary and would dissolve after their findings..A TWG is crazy for this job it needs to come from a functioning govermental department like The Trade Department. Premier come to the front of the Classroom again Sir.
If anyone believes he has a “technical group” I have something to sell you! Contact me!
Those officials planting pieces in media daily are doing so simply to pretend they are thinking and doing, while attempting to keeep the masses blind folded..
They care not about the people nor their day to day financial hardships.
As, if they did, they would already had price control mechanisms in place , as they are long over due.
They would have had senior benefits and pensioners pension adjustment mechanisms figured out and on table for ratification and implementation.
They have enriched themselves tro the hilt and are now busting through their expensive suits while waiting for the fools to vote them back in to continue their plundering of the people’s purse.
Meanwhile, the voting public has to bath in a bucket, go out in public half bathe and smelly while driving on roads suitable for horse and buggy cart for the most part.
This comment critically examines the presence of evil, corruption, and self-serving leadership within our political context, highlighting the detrimental effects on both innocent individuals and society as a whole.
It emphasizes how corrupt practices, such as unjust enrichment of officials at the expense of ordinary citizens, undermine trust and well-being.
The narrative advocates for genuine representation, prioritizing national development and the welfare of all citizens, while affirming the principles of loooking out for the least and nedy among us, the elderely; the pensioners and low slave wage earners.
The same economic illiteracy prevails in this man’s mind: “potential price gouging,” and “include stronger provisions against businesses that exploit emergencies or disasters by unfairly raising prices.”
Please define “price gouging” and tell us what “unfairly” raising prices means. Both are incapable of definition, but provide talking points for the economically illiterate, who are incapable of understanding or accepting the implacable laws of supply and demand.
Well, I am wondering if the first thing this “technical group” should look into is the payment of custom duties, at this time, for import of car parts that are linked to or associated with driving over terrible roads and into pot holes daily. Things like shocks, control arms, stabilizer links, front ends, rims, tires, and the list goes on and on. I believe Customs is seeing a serious increase in these imports.
Back in the day ome people travelled to Town from the countryside walking or using mules and donkeys. Some when there was no space on the mules, held his tail to help keep them going. Hope we are not going back to that.