A section of Tortola. (BVI News photo)
A technical working group established by the government is actively monitoring prices across the Virgin Islands as authorities assess the potential economic impact of global conflicts and rising fuel costs.
Premier Dr Natalio Wheatley disclosed the initiative during a recent press conference while responding to questions about possible price increases and concerns about price gouging in the territory.
The Premier said the group was formed within the Ministry of Financial Services, Economic Development and Digital Transformation and has already begun analysing global developments that could affect the territory’s economy.
“Let me say that we have in the Ministry of Financial Services, Economic Development, and Digital Transformation put together a technical group,” Dr Wheatley said. “And the technical group has already produced a report on the Iran conflict, the impact already, and potential impacts.”
He explained that the report includes recommendations which are currently under review by his government.
“So I’m studying that report right now, but that report does have recommendations for me that I’m studying very carefully,” Dr Wheatley stated.
According to the Premier, the working group’s responsibilities extend beyond monitoring fuel prices and include tracking broader price movements across the territory.
He indicated that his government has been closely monitoring developments in global markets, particularly fuel prices, which are largely determined internationally.
He noted that geopolitical tensions, including developments involving Iran, have already contributed to rising fuel costs and could continue to affect prices locally.
“The situation in Iran has already resulted in increased fuel prices, and it is predicted that those prices will continue to rise,” Dr Wheatley stated.
Alongside monitoring prices, the Dr Wheatley-led government is preparing legislative measures to address potential price gouging.
The Premier said a revised Consumer Protection Act will soon be brought before the House of Assembly. The proposed legislation is expected to include stronger provisions against businesses that exploit emergencies or disasters by unfairly raising prices.
“And of course, we have a Consumer Protection Act, which is going to be coming to the House soon,” Dr Wheatley said. “I believe that Consumer Protection Act will have a lot stronger language in it about price gouging, especially in a disaster,” Wheatley stated.
He added that the legislation would establish the necessary legal framework for authorities to intervene if excessive price increases occur.
“So we would need a legislative framework to ensure that we can take action against things like that,” he added.
The Premier said the government will continue monitoring global developments and their potential effects on prices in the Virgin Islands.
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