NGC Increases Natural Gas Prices, Threatening Local Manufacturing and Exports in Trinidad and Tobago
NGC has increased natural gas prices for local manufacturers in Trinidad and Tobago, raising concerns about higher production costs and potential negative impacts on local goods and exports. This decision echoes a previous price hike in 2016 that led to the closure of the ArcelorMittal steel facility and job losses, while the Ministry of Trade Investment and Tourism's efforts to boost exports may be compromised. Local manufacturers are already struggling with rising electricity costs and competition from subsidized imports, further threatening productivity and employment in the region.
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NGC has raised natural gas prices for local manufacturers, potentially increasing production costs and impacting local goods. This decision parallels a 2016 gas price hike by the previous PNM government, which resulted in the closure of the ArcelorMittal steel facility and subsequent job losses.
The Ministry of Trade Investment and Tourism's goals to enhance exports and investments may be undermined by NGC's actions. Local manufacturers are already facing rising costs in electricity and NIS, compounded by competition from subsidized imports.
In contrast, countries like China and the USA are implementing measures such as export taxes and tariffs to support local production and competitiveness. Trinidad and Tobago's current direction may exacerbate challenges for local goods, diminishing productivity, employment, and foreign exchange earnings.
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