Private Sector Groups Wants Gov’t to Review 10% CET on Petroleum Products

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Local businesses and manufacturers are calling on the government to review the 10-percent Common External Tariff, CET, imposed on imported petroleum products.

According to them, the CET has cost the country approximately 65-million-US-dollars a year for the past ten years.

The CET is imposed on all petroleum products imported from outside the CARICOM region.

But in a statement today, the President of the Private Sector Organization of Jamaica, PSOJ, William Mahfood, says because Trinidad has no competition within CARICOM, it’s been selling petroleum products to Jamaica at exorbitant prices.

Mr. Mahfood says removing the CET would allow Trinidad to compete directly with exporters in the US Gulf region and force them to lower their prices.