The Cabinet has granted provisional approval for the waiver of the Common External Tariff (CET) to permit SOL and Rubis, two companies, involved in the trade of fuel, to purchase fuel outside of the Caribbean Community.
This approval which was granted yesterday following a request of both companies, comes consequent upon the closure of the oil refinery of the Trinidad and Tobago state-owned oil company, PETROTRIN.
Prime Minister Dr. Ralph Gonsalves, speaking in parliament this morning said that this waiver of the CET, makes it possible for SOL and Rubis to avoid the attraction of the 10 percent external tariff, when purchasing fuel outside of the Caribbean Community, and therefore not to have as a consequence an increase in the fuel prices.
The Prime Minister said that this issue of waiver of the Common External Tariff was raised at the Prime Ministerial Sub-Committee on the Caricom Single Market and Economy (CSME) held in Barbados, yesterday.
Dr. Gonsalves said he spoke earlier today with both managers of SOL and Rubis, who welcomed the provisional approval of the waiver of the CET, and they have given the assurance that there will be no disruption in the supply of fuel here in St. Vincent and the Grenadines.
The Prime Minister further stated that he recently gave instruction to the officials at PetroCaribe here, to make the necessary arrangements with one of the fuel suppliers here, to ensure that sufficient fuel is stored at the Hugo Chavez Fuel Storage and Distribution Plant at Lowmans Bay.
