News
Shipper announces Increase & FortisTCI in negotiations
By Deandrea Hamilton
Editor
#TurksandCaicos, March 31, 2022 – FortisTCI has entered negotiations with Sun Oil, hoping its supplier will be able to extend savings to them, which the electricity supplier can then pass on to the Turks and Caicos public in a reduced Fuel Factor Rate.
In response to MM, Fortis said the fuel factor is approved by the Office of the Energy and Utilities Commissioner on a monthly basis. The country’s electricity providers also said, “once a reduced rate is received from our supplier customers will benefit through the fuel factor.”
The other tax break – the 2.5 per cent reduction in Customs Processing Fee – announced by Premier Washington Misick and Deputy Premier E Jay Saunders on March 15 has no bearing on electricity bills, said FortisTCI.
Meanwhile, AlServices Ltd gave an update that their shipper has notified them of an increase in costs at varying percentages based on the type of goods; that Bunker Surcharge Increase takes effect as of April 2nd, 2022.
It is likely this price hike will be an across the board change by next month.
SEACOR informed that its pricing used to be based on an $80 per barrel oil cost; now that oil is over $100 per barrel, shipping charges must be marked up. In other words, because SEACOR will have to pay more to fuel up, they have to charge more to ship out.
Regularly imported goods in at least two categories will cost five and six per cent more.
AlServices believes this will negate the CPF tax break, meaning the savings may not be felt at all.