DNA condemns latest hike in fuel prices and fears that hyperinflation will lead to financial ruin for many
Another political party is condemning the increase in local fuel prices by the Gaston Browne Administration and making a call for an immediate roll-back.
The Democratic National Alliance (DNA), in a press release, is demanding that the Government immediately rescind “the sudden and unjustified increases in fuel prices, which have caused further economic and financial shock across the country and untold increased hardships among many struggling middle-class and poor families living below the poverty line.”
The DNA is echoing the United Progressive Party’s earlier call for the Government to continue absorbing the hikes in cost.
The DNA also notes that the price of oil today is lower than it was three months ago. Accordingly, it says, many people are completely bewildered by the latest hikes, since oil prices on the international market have been trending downwards.
As has been stated time and again by UPP spokespersons, the DNA says the Prime Minister and his Administration are practicing voodoo economics.
It notes that the cost of a barrel of crude oil on the world market was about US$140 when fuel prices were increased by 25% on March 15. Now, a 40% increase has been places on the backs of the people when the cost of a barrel of crude oil is US$120, the DNA says.
The increase is driven by the Government’s policy to increase consumption tax, the party says, adding that this will greatly compound the very high inflationary conditions in the country.
It fears that this will create hyperinflation, causing the economy to fall apart and lead to chaos and untold financial and economic hardship to all.
Also taking issue with the manner in which the increase was announced – on the Browne-affiliated radio station — the DNA says the hike was not necessary, since the Government is the majority owner of the West Indies Oil Company Limited.
