PPM calls for full duty cut on fuel as COL bites
(CNS): Opposition Leader Roy McTaggart is calling on the government to remove all duty on fuel for twelve months to help people navigate the crippling cost of living in the Cayman Islands. Although the rate of inflation is slowing down, prices remain very high as the cost of most imported goods has increased due to global factors. The cost of fuel is also pushing up prices across the board, and McTaggart said temporarily removing duty for an initial 12-month period will help struggling families.
McTaggart filed a private member’s motion, seconded by Barbara Conolly MP, ahead of the parliament meeting next week. The PMM also asks the government to roll out another Electricity Relief Programme, similar to the one introduced last year, to help people cope with the anticipated hot summer ahead.
Although the March 2024 Consumer Price Index showed an increase of 1.5% in overall inflation during the first quarter, many categories, such as utilities, healthcare costs and housing, especially rents, have all increased by much more. Groceries have increased in the Cayman Islands by over 25%, creating a “severe cost-of-living crisis”, McTaggart stated in the motion.
With pressure from increased banking costs, mortgage payments, property and health insurance, the cost of fuel is compounding the financial challenges for many families. The opposition leader noted that while people dig ever deeper to make ends meet, the government has received a windfall from import duty because of these much higher prices. He is urging the government to use the additional revenue to give some financial relief to residents with a 12-month reprieve on fuel duty for power bills, cooking gas and at the gas pumps.
McTaggart said the government needs to obtain a commitment from the fuel importers to pass on the savings to their customers.
See the PMM below:
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Category: Politics
cool idea, but the simple fact is fuel is price gauged here. a report from 2022 said that almost 2$ per gallon is unaccounted for profit.
ok…so how does cig balance it’s books? where will the lost revenue come from?
silly populist soundbite from roy
The article and the PPM motion mentioned that CIG received a windfall in import duties caused because prices of imports rose. Giving the people back some of their own money. Simple.
Sadly, the cost savings will NOT be largely passed down to the consumers. There will be a massive increase in profits and as Cayman in its un-infinite wisdom still believes in no income taxes for rich/profitable companies, the consumer will pay for their increased profits. Typical Cayman solution to ‘help the needy populace’… improve the profit margins on wealthy companies. I’ll stick to my bike and my feet to get where I need – easily done actually.
Great idea Roy, but why wasn’t this done when your group was in power pray tell? LOL Bunch of EEEEDIOTS.
The PPM reduced the fuel paid to CUC by about $2 I recall. If not for that the fuel duty you pay now on your CUC and water bill would be a plenty plenty more. So. They did decrease it. Roy is asking for it to be put to zero for a year and to include cooking gas, utilities fuel and fuel at the pump. Seems fair to me