Premier Dr Natalio Wheatley
Premier Dr Natalio Wheatley has warned that residents should prepare for higher fuel prices, saying global developments could drive up costs that will affect the entire economy.
Dr Wheatley, appearing on the Honestly Speaking radio programme recently, said the territory’s heavy reliance on imported fuel means it remains vulnerable to international events beyond its control.
“The first things persons must understand is that we’re in a global village,” Dr Wheatley said. “We see things happening in faraway places and no one ever really makes the connection of what happens in these faraway places to what happens in the BVI.”
The Premier noted that conflicts in oil-producing regions can directly influence fuel costs in small island territories such as the BVI.
“One of them is, of course, with fuel,” Premier Wheatley explained. “And we are heavily dependent on fuel. And it’s really very little we can do to influence the cost of fuel.”
He said that while the availability of fuel for the territory is not currently under threat, residents should expect increases if global oil prices rise.
“The supply of fuel to the Virgin Islands is not a concern at this time in terms of availability of fuel. But the price will be a concern to us,” Dr Wheatley stated.
He added that higher oil prices would have a ripple effect across the local economy.
“We’ll have to brace ourselves for when oil prices rise, everything gets more expensive,” Dr Wheatley said.
The Premier explained that the territory’s dependence on fossil fuels leaves it exposed to global market shocks and geopolitical events linked to oil-producing countries.
“So if we truly want to mitigate against the risk of higher prices, which ultimately affects the price of everything in our society, we have to lessen our reliance on fossil fuels,” he said.
Dr Wheatley pointed to government efforts to expand renewable energy as part of a long-term strategy to reduce dependence on imported fuel. Among the initiatives mentioned was the Solar Technology Energy Programme (STEP), which subsidises the installation of solar panels on homes.
According to the Premier, the programme is already underway, with hundreds of applications from residents seeking to install rooftop solar systems.
He also referenced the use of solar energy in Anegada, where the island has operated largely on solar power for extended periods due to its smaller population.
However, Premier Wheatley acknowledged that larger islands such as Tortola require broader strategies to reduce fuel reliance and shield the territory from future price shocks.
He stressed that the territory must pursue energy diversification as a long-term safeguard against rising oil costs and economic disruptions tied to global energy markets.
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