Beautiful Virgin Islands

Thursday, Oct 30, 2025

Gov’t establishes task force to police against price gouging

Gov’t establishes task force to police against price gouging

Premier Andrew Fahie has announced that a new task force will be established to monitor gas prices and other goods to ensure businesses do not increase their prices unjustifiably.

Speaking at a press conference last night, Fahie issued a stern warning to business operators and urged them to refrain from unethical business practices such as price gouging.

The Premier said the monitoring team will be made up of Customs officers and members of the Department of Trade, among others.

“Customs and other members of the task force will be visiting petroleum companies, gas stations, and other businesses to ascertain information as to the current cost of fuel and other products and match them to the prices paid by those same companies for their last stock received in the BVI for which duty was paid on the price listed at that time,” Fahie said.

“Each company’s increase in prices will be marked from their last imported price on fuel and goods and will be checked against their invoice. This means businesses will now be required to share their invoices with government,” the Premier added.

Only regular price mark-ups acceptable


He said all gas prices should reflect the regular mark up on the product received in the last shipment of their product to the BVI. Fahie said the current action by the government will be an ongoing process until further notice.

The Premier said the Task Force will be meeting this week with all service stations and petroleum companies, along with other businesses to explain what will be required as the territory continues to monitor the economical threat.

“In addition, the exercise will also be one to gather ideas to assist in forming strategies for softening, as much as would be possible, the financial blow to consumers and businesses which may lie ahead [because of the ongoing war between Russia and Ukraine],” Fahie said.

The Premier said he is mindful that in some jurisdictions, the prices of fuel have increased and will continue to increase soon. However, he noted these unavoidable factors should not be used as a tool to take advantage of consumers.

“Your government is here to protect the interests and well-being of the people of the Virgin Islands at all times while ensuring there is also a fair balance with the legitimate interests of businesses. In this vein, we will not accept unjustifiable actions that will force further unnecessary financial burden on our single mothers, struggling fathers, and all the people of the Virgin Islands,” Fahie said.

He called for the full cooperation of businesses with the Task Force once they begin to make rounds.

Group also established to monitor war


Fahie added that an ad-hoc working group has been established to monitor the effects of the war and to recommend measures for immediate consideration and implementation by the government. It is expected to assist in minimising the economic fallout of the ongoing Russia-Ukraine conflict.

“My government and I want to commend the many businesses who continue to carry out their daily business affairs with ethics and with care for the consumers. Those businesses have nothing to worry about when the Task Force comes to their business,” he said.

The Premier noted the measures are not an attack on businesses but rather an effort to stop price gouging.

“Your government continue to work with our different businesses as we continue to also work for you the people, the consumers,” the Premier said.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
UK and Vietnam Sign Landmark Migration Deal to Fast-Track Returns of Irregular Arrivals
UK Drug-Pricing Overhaul Essential for Life-Sciences Ambition, Says GSK Chief
Princesses Beatrice and Eugenie Temporarily Leave the UK Amid Their Parents’ Royal Fallout
UK Weighs Early End to Oil and Gas Windfall Tax as Reeves Seeks Investment Commitments
UK Retail Inflation Slows as Shop Prices Fall for First Time Since Spring
Next Raises Full-Year Profit Guidance After Strong Third-Quarter Performance
Reform UK’s Lee Anderson Admits to 'Gaming' Benefits System While Advocating Crackdown
United States and South Korea Conclude Major Trade Accord Worth $350 Billion
Hurricane Melissa Strikes Cuba After Devastating Jamaica With Record Winds
Vice President Vance to Headline Turning Point USA Campus Event at Ole Miss
U.S. Targets Maritime Narco-Routes While Border Pressure to Mexico Remains Limited
Bill Gates at 70: “I Have a Real Fear of Artificial Intelligence – and Also Regret”
Elon Musk Unveils Grokipedia: An AI-Driven Alternative to Wikipedia
Saudi Arabia Unveils Vision for First-Ever "Sky Stadium" Suspended Over Desert Floor
Amazon Announces 14 000 Corporate Job Cuts as AI Investment Accelerates
UK Shop Prices Fall for First Time Since March, Food Leads the Decline
London Stock Exchange Group ADR (LNSTY) Earns Zacks Rank #1 Upgrade on Rising Earnings Outlook
Soap legend Tony Adams, long-time star of Crossroads, dies at 84
Rachel Reeves Signals Tax Increases Ahead of November Budget Amid £20-50 Billion Fiscal Gap
NatWest Past Gains of 314% Spotlight Opportunity — But Some Key Risks Remain
UK Launches ‘Golden Age’ of Nuclear with £38 Billion Sizewell C Approval
UK Announces £1.08 Billion Budget for Offshore Wind Auction to Boost 2030 Capacity
UK Seeks Steel Alliance with EU and US to Counter China’s Over-Capacity
UK Struggles to Balance China as Both Strategic Threat and Valued Trading Partner
Argentina’s Markets Surge as Milei’s Party Secures Major Win
British Journalist Sami Hamdi Detained by U.S. Authorities After Visa Revocation Amid Israel-Gaza Commentary
King Charles Unveils UK’s First LGBT+ Armed Forces Memorial at National Memorial Arboretum
At ninety-two and re-elected: Paul Biya secures eighth term in Cameroon amid unrest
Racist Incidents Against UK Nurses Surge by 55%
UK Chancellor Rachel Reeves Cites Shared Concerns With Trump Administration as Foundation for Early US-UK Trade Deal
Essentra plc: A Closer Look at a UK ‘Penny Stock’ Opportunity Amid Market Weakness
U.S. and China Near Deal to Avert Rare-Earth Export Controls Ahead of Trump-Xi Summit
Justin time: Justin Herbert Shields Madison Beer with Impressive Reflex at Lakers Game
Russia’s President Putin Declares Burevestnik Nuclear Cruise Missile Ready for Deployment
Giuffre’s Memoir Alleges Maxwell Claimed Sexual Act with Clooney
House Republicans Move to Strip NYC Mayoral Front-Runner Zohran Mamdani of U.S. Citizenship
Record-High Spoiled Ballots Signal Voter Discontent in Ireland’s 2025 Presidential Election
Philippines’ Taal Volcano Erupts Overnight with 2.4 km Ash Plume
Albania’s Virtual AI 'Minister' Diella Set to 'Birth' Eighty-Three Digital Assistants for MPs
Tesla Unveils Vision for Optimus V3 as ‘Biggest Product of All Time’, Including Surgical Capabilities
Francis Ford Coppola Auctions Luxury Watches After Self-Financed Film Flop
Convicted Sex Offender Mistakenly Freed by UK Prison Service Arrested in London
United States and China Begin Constructive Trade Negotiations Ahead of Trump–Xi Summit
U.S. Treasury Sanctions Colombia’s President Gustavo Petro over Drug-Trafficking Allegations
Miss USA Crowns Nebraska’s Audrey Eckert Amid Leadership Overhaul
‘I Am Not Done’: Kamala Harris Signals Possible 2028 White House Run
NBA Faces Integrity Crisis After Mass Arrests in Gambling Scandal
Swift Heist at the Louvre Sees Eight French Crown Jewels Stolen in Under Seven Minutes
U.S. Halts Trade Talks with Canada After Ontario Ad Using Reagan Voice Triggers Diplomatic Fallout
Microsoft AI CEO: ‘We’re making an AI that you can trust your kids to use’ — but can Microsoft rebuild its own trust before fixing the industry’s?
×