Maroc - NEWSDAY.CO.TT - A la Une - 15/Nov 10:41

Petrotrin the solution to forex decline

THE EDITOR: The reliance on imports, especially in energy and consumer goods, is draining our foreign exchange (forex) reserves and fuelling inflation. Heritage Petroleum, as a 90 per cent importer, mainly sourcing crude from Chevron, is currently spending as much on imports as Petrotrin used to earn in forex, creating a cycle of dependency rather than sustainability. This pattern affects not just the energy sector but ripples through the entire economy, driving up the cost of food, consumer goods, and essential services. Importers like Massy, ANSA McAL, PriceSmart, and grocery owners, along with remittance flows through Western Union, all contribute to the constant pressure on forex. High charges at credit unions, once dubbed “the poor man’s bank,” exacerbate financial hardships for ordinary citizens. The most effective solution is immediate revitalisation of Petrotrin to increase local production, reduce reliance on imports, and stabilise forex flow. Our economy is fundamentally import dependent, with most raw materials and commodities needing to be imported. Developing and reopening key industries – Petrotrin, Atlantic Energy, Iscott, Lake Asphalt, and others – under sound management can shift us toward self-sufficiency, lower costs, and greater economic independence. Real progress depends on restoring our core industries and strategic leadership dedicated to protecting our resources and strengthening local manufacturing. GORDON LAUGHLIN via-e-mail The post Petrotrin the solution to forex decline appeared first on Trinidad and Tobago Newsday.