Investor Presentaiton
Energy and Energy Related Tax regime
measure
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Measure
Overview of measure
Reform of the Liquidified Petroleum Products Sector
Commentary
T&T is by no means the only country which has sought to remove fuel subsidies during the current difficult
period as early this year Nigeria also removed its fuel subsidy. The Minister indicated that for the fiscal period
2006 to 2020, the subsidy payments made by the Government have been in the vicinity of TT$25bn.
Due to global oil prices being depressed as a result of a fall in demand resulting from COVID-19 containment
measures, this presents a timely opportunity for removing fuel subsidies. The removal of subsidies while oil
prices are low ought to minimise the knock-on impacts on the population. While at current international oil
prices, subsidies do not arise in the sale of premium gasoline or super gasoline, they continue to prevail in the
sale of diesel, kerosene and liquidufied petroleum gas (LPG).
The Government intends to introduce a liberalised fuel price regime in January 2021 in which the fixed price of
liquid petroleum products will be removed except for LPG. Under the liberalised price regime petroleum
retailers and dealers will now be allowed to fix their own margins and it is intended it will put the retailers
What's Inside
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Territory Leader's message
Tax Leader's thoughts
Budget overview
Budget fundamentals - 2021
Historical economic data
Energy and energy related tax regime
Corporation tax
Value Added Tax & other indirect taxation
Personal Income tax
Stamp Duty
Summary of other measures
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About PwC
PwC | Trinidad and Tobago 2021 national budget
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