Despite Government’s announcement to cap the fuel subsidy at $1 billion, over 600 million more was spent in fiscal 2022.
Energy Minister Stuart Young made the statement during Parliament’s Standing Finance Committee on Wednesday.
In July 2022, Prime Minister Dr. Keith Rowley had announced that Government would cap Government’s subsidy to the price at the pump to $1 billion. This was re-emphasised by Finance Minister Colm Imbert during the ‘Spotlight on the Economy’ in September, saying $1 billion was a ‘reasonable cap.’
Minister Young explained that Government saw the need to allow the cap to be expanded.