The Dominica Association of Industry and Commerce (DAIC) acknowledges the timeliness of the Government’s measures to cushion the impact of rising fuel prices on consumers.
Against the backdrop of escalating consumer prices globally, this measure will mitigate the impact on consumer purchasing power and related consumption.
In March 2022, the DAIC shared insights into the impact of the rising shipping rates and energy costs on the local economy during a segment of its Taking Care of Business Program. Program participants featured local private sector representatives and regional trade experts, and took a deep dive into the issue and possible paths to easement for private enterprises and consumers alike. A key takeaway was that rising prices have eroded consumer purchasing power, adversely impacting the quality of life of our people and the performance of local businesses. This latest measure will serve to address the issue in part, as it not only places a ceiling on energy prices but also provides a degree of price predictability and certainty around future business decisions.
The DAIC looks forward to continuing to work with the Government to determine solutions to mitigate global impacts while enhancing our economic development.