Prime Minister Kamla Persad-Bissessar SC has assured that Trinidad and Tobago has enough fuel to meet domestic demand and says the Government is already acting to protect local businesses from the global fallout linked to rising tensions in the Middle East.
Responding to a question in the Lower House on whether global fuel shortages could impact local availability, the Prime Minister said advice from Paria Trading Company Ltd confirms there is currently enough fuel in storage to meet national demand at this time.
“Mr. Speaker, I am advised by Paria Trading, which deals with our stocks of fuel, that at this time we have enough supply for Trinidad and Tobago.”
Rising tensions between Iran and the US in the last few weeks led to the closure of the Strait of Hormuz, effectively driving sharp increases in global fuel prices.
The Prime Minister said the Government is actively monitoring the situation and engaging international partners to keep shipping lanes open.
“Trinidad and Tobago continues to monitor developments in the Middle East and the current issues associated with the Strait of Hormuz. Our Government of T&T is continuing to work with international partners by providing diplomatic support for the unfettered freedom of navigation through the Strait.”
She revealed that Trinidad and Tobago has already taken part in urgent international discussions aimed at preventing supply-chain disruption and economic fallout.
“In the last week, Trinidad and Tobago participated twice in international fora organised by the United Kingdom and France to discuss issues associated with the closure of the Strait and to assist in providing solutions.”
Locally, the Prime Minister said the Government is already preparing for any economic shock that could spill over locally.
“Domestically, the Government of T&T has been in discussions with the private sector to monitor and mitigate any economic impacts from these tensions in the Middle East.”
Several countries have begun introducing emergency measures to limit the fuel impact due to the tensions in the Middle East. In Australia, two states have made public transportation free in an effort to reduce private vehicle use; the Philippines, meanwhile, declared a State of Emergency, offering fuel subsidies to transport operators and implementing a four-day work week; while Sri Lanka introduced fuel rationing and declared Wednesdays a public holiday for Government institutions.