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Greed driving prices in the VI – resident

- calls made for greater consumer rights & protection
September 20th, 2013 | Tags: greed prices consumer protection Umoja Natalio Wheatley
One resident believes that much of the factors that help to create prices in the Virgin Islands are driven by greed. Photo: VINO/File
He contended that when gas prices are raised in the VI, many persons don’t know the breakdown or reasons for the increase and the excuse used is often related to shipping costs. Photo: VINO/File
He contended that when gas prices are raised in the VI, many persons don’t know the breakdown or reasons for the increase and the excuse used is often related to shipping costs. Photo: VINO/File
The resident contended if an examination was done of what retailers were actually paying and the cost of doing business while looking at the price margins, they would find that, in many cases, sometimes there is as much as four hundred (400) percent on the gross. Photo: VINO/File
The resident contended if an examination was done of what retailers were actually paying and the cost of doing business while looking at the price margins, they would find that, in many cases, sometimes there is as much as four hundred (400) percent on the gross. Photo: VINO/File
Co-host of the programme, Natalio Wheatley aka Sowande Uhuru agreed that greed played a factor and suggested that consumers need greater consumer rights and greater protection. Photo: Facebook
Co-host of the programme, Natalio Wheatley aka Sowande Uhuru agreed that greed played a factor and suggested that consumers need greater consumer rights and greater protection. Photo: Facebook
ROAD TOWN, Tortola, VI – One resident believes that much of the factors that help to create prices in the Virgin Islands (VI) are driven by greed.

The resident, who was a caller on the Umoja Show last evening, September 19, 2013 said if an examination was done of what retailers were actually paying and the cost of doing business while looking at the price margins, they would find that, in many cases, sometimes there is as much as four hundred (400) percent on the gross.

“It tells you that as a consumer, there is a lot of room that these businesses have to play with where they can save the consumer some money,” the resident said.

The resident added that if all the numbers were put together on the table, persons would really be able to examine the situation in a better way.

“That’s the difference between doing business here and in the USVI, because in the USVI a gas station for example, we have gas stations in the USVI, once they change their price on the pump, there are certain factors that have to come in in order for them to change that price,” he noted.

He contended that when gas prices are raised in the VI, many persons don’t know the breakdown or reasons for the increase and the excuse used is often related to shipping costs.

He felt that, “Until these businesses are forced to do business right [and] until the government puts the things in place to protect consumers from price gouging, we will always be in this conversation and it isn’t going to change.”

Co-host of the programme, Natalio Wheatley aka Sowande Uhuru agreed that greed played a factor and suggested that consumers need greater consumer rights and greater protection.

“I would like to see business owners be able to sit around the table with some representatives of a consumer group… to be able to hammer out something that’s fair because we know that some things are not right and we can legislate against some of things that we know are not right,” he said.

He acknowledged that rental and shipping costs did indeed play some role in the setting of prices.

22 Responses to “Greed driving prices in the VI – resident”

  • x factor (20/09/2013, 08:54) Like (3) Dislike (0) Reply
    Check whose prices are out of control….
  • . (20/09/2013, 08:55) Like (6) Dislike (0) Reply
    Greed is the new crave around here these days.
  • Dragon (20/09/2013, 08:57) Like (11) Dislike (0) Reply
    And that is why we will continue to go to rock city to shop despite out of touch Dr. Smith saying prices are the same down dey
  • Lmao! (20/09/2013, 09:19) Like (12) Dislike (2) Reply
    Locals want jobs = SUPPORT LOCALS, ITS KILLING THE COUNTRY BY SUPPORTING OUTSIDERS!!
    Locals want to shop = WE GOING ST THOMAS AND WE DONT CARE WHO SAY WHAT!
    Locals looking sponsorship = HI LOCAL BUSINESS I KNOW I DO NOT SUPPORT YOU HOWEVER I NEED TO SUPPORT ME IN (fill the blank).

    I will sit back and continue to laugh at the misguided lunatics in this place. If Government took the view that hiring a few outsiders would be cheaper for the country everybody would kick up a storm. But it's okay for them to act selfishly themselves. You guys have no clue how economies work. The only way prices can drop here is if utility costs drop. Everybody want, nobody want to pay.
  • ReXFeral (20/09/2013, 10:33) Like (0) Dislike (1) Reply
    The need becomes a greed in the Virgin Islands and the world in which we live in. Take it or leave it
  • Mr Shovels (20/09/2013, 11:29) Like (3) Dislike (0) Reply
    You mean to tell me the retailers around here a greedy and been ripping us off all this time? Tell me something I didn't know...
  • Well Sah (20/09/2013, 12:09) Like (0) Dislike (1) Reply
    Yep all of you was at Walgreens grand opening in St Thomas instead of buying local.. You all don't hear the good minister said tha the prices are the same here and there. lol
  • Reckless (20/09/2013, 12:59) Like (1) Dislike (0) Reply
    Some of you talk show hosts are so reckless. If there are a few business marking up at 400% then there are a few. The article has supermarkets in the picture and you must be silly to think that supermarkets are marking up 400%. I agree wholeheartedly that we need data from DPU. Like average rent for businesses by industry, average electricity for business by industry, average shrink and so on. Putting statements (untruth for the majority) out there like this is very misleading.
  • who know (20/09/2013, 13:57) Like (4) Dislike (0) Reply
    Just an example a big bottle of Accent is $12.95 in cost u less. And rite way have it for $33.00. St.Thomas here I come!!
  • tell the truth (20/09/2013, 14:54) Like (1) Dislike (0) Reply
    Both greed and some get rich quick business man
  • one eye roster (20/09/2013, 15:51) Like (3) Dislike (4) Reply
    If you want nice times again vote VIP!!!!!!!!!!
  • Hodges (20/09/2013, 18:13) Like (1) Dislike (0) Reply
    Don't forget the lack of consistency in these grocery store. Esp baby's stuff.
    Nido one year is nowhere to be found.
    Connot find the same product in three consecutive months.
  • value (20/09/2013, 23:16) Like (2) Dislike (0) Reply
    food cost got all ah we broke
  • NPolitico (20/09/2013, 23:22) Like (3) Dislike (0) Reply
    The cost of goods sold in the BVI may be somewhat higher than it is in the USVI. But merchants can and needs to do more to be more competitive with St.Thomas. Customers have to pay transportation costs, buy food, pay duty yet feel they get a better deal in St. Thomas. Clearly, a 400% markup is Shylocking. Businesses need to set fair and reasonable prices that make going to St.Thomas not cost effective base on price alone. They may go for variety or quality, not just for price. Businesses do not slaughter the local customer on the altar of greed. Make St. Thomas businesses work their tail off to draw your customers away. Currently, greed is making it too easy.
  • simple (21/09/2013, 17:39) Like (2) Dislike (0) Reply
    These businesses will continue to sell at high prices as long as YOU buy at those crazy prices. Choose one store and BOYCOTT it,you'll need a lot of folks to join in, but boycotting in large numbers will bring their prices down, along with their competitors who fear the same happening to them. Unfortunately in the BVI there is a huge "Me" mentality instead of an "Us" mentality.
  • fat cat (22/09/2013, 12:44) Like (0) Dislike (1) Reply
    The system of governance, or the lack thereof, in the BVI is woefully wanting. That is the reason so many young people want to leave that country that specializes in growing poverty and not caring.
  • Merchants (23/09/2013, 12:07) Like (1) Dislike (0) Reply
    Merchants in the BVIs should consider making their money on turnover (sell lots at lower profits) rather than mark-up (sell a few but at very high mark-up).


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