Premier Wheatley announces relief measures for VI in response to 'global events'
During an address to the nation this morning, April 16, 2026, Premier Wheatley said the VI is now facing higher fuel prices, increased freight costs and rising expenses for essential goods due to the current global events, especially the ongoing conflict in the Middle East and its effects on vital shipping routes have caused major disruptions to worldwide energy markets and trade.
His government, he said, understands the impact of rising prices on hardworking families and the most vulnerable in society and that the hardship that these circumstances create cannot be underestimated or overlooked.
“Although we cannot control these external shocks, the repercussions are felt by every household and business in our territory. Despite the volatility that we are confronted with, we must act decisively.”
$3M BVIEC subsidy
Premier Wheatley revealed that the BVI Electricity Corporation (BVIEC) informed that without government intervention, customers would see increases on their electricity bills as high as 50% on average.
Therefore to address this steep increase, the government will be subsidisng customers by $1 million per month for a three-month period, starting immediately.
“This step is designed to lower electricity costs for both households and businesses right away, helping families manage expenses and reducing businesses' operational costs.”
He also encouraged households to conserve as much energy as possible and to take advantage of the Solar Technology Energy Programme (STEP).
Removal of insurance & freight duties
Dr Wheatley informed that steps are underway to remove duties, beginning in May, from insurance and freight, shifting duty calculations from cost insurance and freight, or CIF, to free on-board or freight on-board, FOB, value for the next three months.
Also for-the next three months, the wharfage fee on incoming cargo will be reduced from 2% to 1% and the container charge will be cut from $300 to $150.
“Combined with the removal of duties on freight and insurance, these actions will lessen financial strain on businesses, support price stabilization, and limit price increases for consumers.”
Beginning in May, for three months, government will implement a protected basket of goods, with further duty reductions to the items essential for maintaining our basic needs.
Legislative amendments
Committing to ensuring relief measures directly benefit everyday households, Dr Wheatley revealed legislative amendments will be introduced to the Consumer Protection Act and regulations will be approved to regulate prices on a basket of goods.
“These amendments will allow the Consumer Protection Act to come into force, providing a comprehensive framework to protect consumers from price gouging and other anti-consumer practices.”
In addition to these measures, Premier Wheatley said the government will continue with its social assistance programmes.
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17 Responses to “Premier Wheatley announces relief measures for VI in response to 'global events'”
Inspite of the cry for price control, in a democratic, capitalist society may not yield the desired outcomes. The VI must be vigilant, vigilate, etc, for false friends, fool’s gold,mirages( optical illusions, etc. Economist Thomas Sowell in Basic Economics suggests price control results in a) shortages, b) poor quality products, and c) potential black marketing. For example, price control (below market) on housing results in poor quality. Landlords often do the minimum required by law.
Moreover, a better approach may be government taking some fiscal actions, ie, lowering duty, other fees, etc. This is assuming that merchants will pass on the expense avoidance to consumers. Government fiscal actions may come at a cost of delivering other services; a balance must be struct. Talking about merchants, perhaps they can come together, pool needs and buy in bulk to lower purchasing cost.
As noted earlier, the skyrocketing cost of living disproportionately affect the poor, the lil man. Government can research and develop a means-tested Universal Basic Income ( UBI) programme to provide a basic income stipend for the working poor and others. The UBI programme can come with a sunset clause.
Duty should be based on what the invoice price is. What the government was doing was double taxation in a nutshell. Why not subsidize freight??? that is where the real pressure is. Freight costs are going to be significantly higher than the invoice price and stores will have no choice other than to factor that into their prices. The writing has been on the wall for some time now. I am no fan of CSC, but he has been "hear me by the way of the spirit" for a while about stocking up and putting away dried goods and canned food. I trust that many headed