Break it down
It has been more than a week since this newspaper requested information from the Economic Affairs Department on the exact breakdown of the local fuel prices, including taxes, so far with no result. The reason for the request is that the current prices raise questions.
For one thing, how is it possible that Curaçao’s fuel prices are still lower while that island had to introduce bigger price hikes to recover the subsidising of fuel prices for quite some time through the now depleted Energy Fund, financed by the government-owned oil product distribution and power companies?
Publishing a breakdown of the local fuel prices would at least give consumers an idea how much of what they are paying at the pump ends up where. Local fuel prices are set by government for a reason and the price build-up can be considered the public’s business.
More information would also be welcome on GEBE’s by now astronomical fuel clause. Here too, a breakdown, including taxes, should be made public sooner rather than later.
The opposition in Bonaire (see Monday’s paper) has pointed out some inconsistencies when it comes to adjusting the fuel clause to the increasing oil price there. Even if those concerns prove unfounded, there appears to be more than enough reason to look into the matter.
The rising oil prices affect the entire world and there is not much an island that imports practically everything and does not produce much other than services can do about it. Increased controls and publication of local supermarket prices can, for example, help soften the blow to consumers, but in the end nobody is going to sell a product at a loss.
As predictions are that the oil price will keep rising, a closer look at the build-up of fuel prices is in any case called for. In addition to lowering or suspending the taxes involved, a possible contribution could also be considered from the different players in the local market in terms of at least temporarily reducing their margins if there is any space to do so, as a gesture to the consumers on whom they depend.
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