BVI government eyes price controls to protect consumers

TORTOLA, British Virgin Islands, CMC  — Premier of the British Virgin Islands Dr Natalio Wheatley has warned supermarkets and importers across the territory that government concessions introduced to ease rising living costs must benefit consumers and not be absorbed through excessive markups.

Speaking on the government’s Virgin Islands Voice programme, Wheatley said the administration introduced a series of relief measures after global fuel prices increased amid tensions involving the United States, Iran, Israel and Hezbollah.

“It was important that we take mitigating measures to ensure that the most vulnerable among us, especially, are protected,” the Premier said.

Wheatley explained that the government held consultations with the business community before rolling out the package, which includes electricity subsidies, reduced import duties, lower port fees and duty concessions on selected essential goods.

He stressed that businesses receiving the concessions are expected to pass the savings on to consumers through reasonable pricing.

“If we charge you zero duty on chicken, you can’t just charge what you want. You have to keep it reasonable and affordable for the people.”

The Premier also announced that Cabinet has approved the Consumer Protection Amendment Bill 2026, which is scheduled to receive its first reading in the House of Assembly. According to Dr Wheatley, the legislation will empower government to regulate prices on items included in the protected basket of goods.

The proposed law would also establish a consumer protection framework, including systems for complaints, investigations and dispute resolution. Officials said the framework would improve the government’s ability to monitor pricing using data from Customs and the Central Statistics Office.

During the programme, officials noted that the basket of goods initiative was primarily aimed at stabilising prices rather than significantly reducing them, as fuel and shipping costs had already driven up import expenses before the concessions were introduced.

“What persons may not know is that the prices were set to increase, and we would have saved them from that additional increase,” Dr Wheatley said.

Responding to concerns from callers about whether supermarkets could still increase prices despite the concessions, government officials said the proposed legislation would include investigations and penalties for violations once enacted.

The government said the basket of goods initiative forms part of broader efforts to shield residents from inflation and global fuel-related increases affecting imported products throughout the territory.

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