Prices
to go up with increase in electricity
By Driselle Ramjohn
Trinidad Express
Port
Spain
Petroleumworldtt.com
11 19 06
PRICES of goods and services are expected to increase
significantly as electricity rates for commercial
and industrial consumers are scheduled to be increased
retroactive from November 1.
This
from members of the business community responding
to Minister of Public Utilities Penelope Beckles'
declaration on the increase at yesterday's sitting
of the House of Representatives.
"With
our recent battle with escalating inflation, we
are extremely concerned about the impact this decision
will have on prices," Gail Merhair, president
of the San Juan Business Association told the Express
yesterday.
She
added, "There will be a significant increase
in the prices of goods and services now that electricity
rates are going up. There are other variables that
are currently impacting on prices and now we have
an essential input increasing as well."
The
business leader said that once there is an increase
in operational costs this will be passed on to consumers
and prices would rise.
Rohan
Roopnarine, president of the Tunapuna Chamber of
Industry and Commerce said, "Whenever there
is an increase in the cost of doing business, especially
in the case of essential inputs like electricity
there will be an increase in prices."
"There
will be increases to all businesses across the board.
Businesses that are open 15 to 24 hours a day, like
supermarkets and fuel service stations, there will
be a negative impact on their bottom line,"
the Tunapuna Chamber president said.
He
also expressed that it is ironic that electricity
rates would go up considering that natural gas is
a component in electricity generation. However,
other industries are bring marked for the receipt
of considerable natural gas resources.
Paul
Quesnel, president of the Trinidad and Tobago Manufacturers'
Association said, "We have been expecting this
increase for some time now. We have had proper consultation
with the RIC (Regulated Industries Commission) and
we were waiting for implementation of the increases."
"Some
people have already increased their prices of goods
anticipating the move. Many businesses completed
their financial planning for the next fiscal year
in September and factored in the increase already."
Trinidad
Express
Saturday, November 11th 2006
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