Trinidad And Tobago Eyeing To Set Limit On Fuel Subsidy

The Trinidad and Tobago Government would be unable to sustain its ongoing fuel subsidy if current oil prices remain soaring high.

For financial year 2022, the Government paid TT$2.6 billion to subsidise fuel. And with crude oil prices currently at US$90 per barrel, the government anticipates that next year’s subsidy will be around TT$500 million less. Hence, the Government is looking at capping the subsidies.

During the Spotlight on the Economy Forum, Finance Minister Colm Imbert announced that the government is looking at capping the fuel subsidy at TT$1 billion, which is 54.1% of the TT$2.18 billion projected for 2023’s subsidy.