Sixth District Representative Hon. Myron Walwyn has warned that once prices increase in the BVI, they rarely fall, even after the international crises blamed for driving up costs have eased.
Walwyn spoke in the House of Assembly last evening, August 13 during debate on the Motion allowing the BVI Electricity Corporation (BVIEC) to raise rates for consumers using more than 1,500 kilowatt units.
While most households will not see a direct increase in their electricity bills, Walwyn said large businesses would pass their higher operating costs to consumers.
“They may not see an increase in the electricity bill, but they are going to see an increase in something or another,” he said.
“Money is money. Whether you spend the money on light bills or food, your disposable income is going to reduce one way or another.”
Walwyn acknowledged that many economic shocks affecting the Territory were not created locally, pointing to international conflicts, including the wars involving Ukraine and Iran.
“The funny thing about it is, when prices go up in Tortola, they don’t go down. They never go down,” he stated.
He argued that even if international conditions improve, increased prices often remain on store shelves.
Walwyn said elected leaders must find ways to cushion residents from external shocks and focus on increasing disposable income.
“Giving me an increase in salary doesn’t protect me from RiteWay, doesn’t protect me from OneMart and doesn’t protect me from the gas station,” he said.
“It’s hard for people in the Virgin Islands, and we have got to figure out how we address those issues.”
Walwyn spoke in the House of Assembly last evening, August 13 during debate on the Motion allowing the BVI Electricity Corporation (BVIEC) to raise rates for consumers using more than 1,500 kilowatt units.
While most households will not see a direct increase in their electricity bills, Walwyn said large businesses would pass their higher operating costs to consumers.
“They may not see an increase in the electricity bill, but they are going to see an increase in something or another,” he said.
“Money is money. Whether you spend the money on light bills or food, your disposable income is going to reduce one way or another.”
Walwyn acknowledged that many economic shocks affecting the Territory were not created locally, pointing to international conflicts, including the wars involving Ukraine and Iran.
“The funny thing about it is, when prices go up in Tortola, they don’t go down. They never go down,” he stated.
He argued that even if international conditions improve, increased prices often remain on store shelves.
Walwyn said elected leaders must find ways to cushion residents from external shocks and focus on increasing disposable income.
“Giving me an increase in salary doesn’t protect me from RiteWay, doesn’t protect me from OneMart and doesn’t protect me from the gas station,” he said.
“It’s hard for people in the Virgin Islands, and we have got to figure out how we address those issues.”
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Myron is on the ball there correcto!