Premier and Minister of Finance Hon Andrew A. Fahie had announced during an address to the Territory on March 13, 2022, that a task force will be monitoring the prices at service stations and supermarkets in an attempt to protect consumers from price gouging, as some businesses have already 'unjustifiably' hiked their prices.

"I send this stern warning that government is watching and is hereby strongly recommending that persons refrain from unethical business practices," Premier and Minister of Finance Hon Andrew A. Fahie stated during a special address to the territory this evening, March 13, 2022.

The Premier's appeal was directed to those businesses in the Virgin Islands that have not received new stock since the recent military events began in Europe but have already increased prices with the current stock at hand and have claimed that the prices of their latest shipment of goods have increased.

The announcement had received favourable response from the public, who were complaining daily about unjustifiable price increases and the need for consumer protection.

Premier and Minister of Finance Hon Andrew A. Fahie, during a special address to the territory on March 13, 2022, urged business to refrain from engaging in unethical practices.

Smokescreen & hot air- Hon Penn

However, according to the Opposition Leader in a press statement today, March 15, 2022, without sound knowledge, proper structures, processes, and methodologies, and without enforcement capacity and legal authority; “the attempt is a smokescreen, simply just hot air!”

According to Hon Penn, Government’s efforts would have been better placed on engaging levers that it controls and can immediately implement to better the lives of Virgin Islanders and offset the very real impacts of current events.

“Why not then establish a temporary reduction of import taxes on specific goods (including gas and oil)? An effective mechanism such as this could be quickly implemented to ensure that savings are being passed on to consumers.”

He also labelled ‘equally as important’ that Public Officers and other technical advisers must be fully utilised to ensure policymakers are properly advised and programmes effectively designed and implemented to deliver their intended outcomes.

“Unlike the failed stimulus programme,” Hon Penn stated.

Effects of war being monitored- Premier Fahie

It should be noted that Premier Fahie had stated on March 13, 2022, that Government has established an Ad-Hoc Working Group to monitor the effects of the war and to recommend measures for immediate consideration and implementation by Government.

According to the Premier, it is to “assist in helping to minimise the economic blow that is inevitable from the effects of the conflict.”