History of fuel prices in Trinidad and Tobago
Successive budget statements of The Government of the Republic of Trinidad and Tobago (GORTT) have lamented the impact of the multi-billion dollar fuel subsidy on annual public finances.
In this article a relatable, historical record of fuel prices in Trinidad and Tobago since 2002 is presented for super unleaded gasoline, premium unleaded gasoline and diesel. Additionally, I share my experience at the pump having owned a SUV (in 2014) and a hybrid sedan (in 2018) from the same car manufacturer.
History of fuel prices in Trinidad and Tobago
List I contains prices and dates for super unleaded gasoline fuel in Trinidad and Tobago. Over the 19 year-period below, super unleaded gasoline prices doubled. It should be noted that Trinidad and Tobago only transitioned from super leaded gasoline to super unleaded gasoline around April 2004.
List I: Super unleaded gasoline fuel prices in Trinidad and Tobago (2003 to Present)
Before October 6th, 2003: TT$ 2.45 per litre
October 6th, 2003: TT$ 2.70 per litre
October 5th, 2015: TT$ 3.11 per litre
April 8th, 2016: TT$ 3.58 per litre
October 2nd, 2017: TT$ 3.97 per litre
October 1st, 2018: TT$ 4.97 per litre
April 19th, 2022: TT$ 5.97 per litre
List II shows a record of diesel prices by dates in Trinidad and Tobago. Over the past seven years, diesel prices have also doubled.
List II: Diesel fuel prices in Trinidad and Tobago (2015 to Present)
Before October 5th, 2015: TT$ 1.50 per litre
October 5th, 2015: TT$ 1.72 per litre
April 8th, 2016: TT$ 2.00 per litre
September 30th, 2016: TT$ 2.30 per litre
October 2nd, 2017: TT$ 3.41 per litre
April 19th, 2022: TT$ 3.91 per litre
Below, in List III, prices for premium unleaded gasoline and the date changes of these occurrences are summarised. Like the other fuels, premium unleaded gasoline prices have also doubled for the period under consideration (past 9 years).
List III: Premium unleaded gasoline fuel prices in Trinidad and Tobago (2003 to Present)
Before October 6th, 2003: TT$ 2.85 per litre
October 6th, 2003: TT$ 3.00 per litre
September 22nd, 2008: TT$ 4.00 per litre
October 2nd, 2012: TT$ 5.75 per litre
April 19th, 2022: TT$ 6.75 per litre
My experience
That consumer behaviour has changed given increasing fuel prices is the subject of another article or for another author. In the meantime, I will admit that the rising fuel prices did indeed impact my decision-making and car purchasing behaviour. As stated at the onset, I have been able to compare firsthand my experience with changes in fuel prices using:
- two different types of vehicles (weight, body size and engine type) made by the same manufacturer; and
- the same fuel (since both vehicles used super unleaded gasoline).
Vehicle 1: Popular gasoline SUV I owned between May 2014 to October 2018
Since purchasing that SUV in 2014, super unleaded gasoline prices increased four times from $2.70 per litre to $4.97 per litre. Therefore, all things being equal, my resultant monthly cost of fuel rose from $600 to $1000 over the time of ownership.
Vehicle 2: Popular hybrid sedan I owned since October 2018
Since purchasing this vehicle in 2018, super unleaded gasoline price was constant at $4.97 per litre until April 19th, 2022 when the price increased by $1.00 to $5.97. My fuel costs before April 19th, 2022 was $400 monthly. Since the April 2022 price increase, I have been spending $476 monthly.
For the purpose of this analysis, two changes occurred at the pump when I switched from a SUV to a hybrid sedan.
Firstly, my fuel cost reduced from $1000 monthly (given the four increases in prices between 2014 to 2018) to $400 monthly (prior to the recent price increase this April). Now that’s cost minimisation on steroids! Even after the price increase in April 2022, I still spend $476 on fuel costs.
Secondly, I now make fewer visits to the pump with this hybrid sedan than with the previous SUV I owned. Specifically, instead of visiting a gas station 3 times for the month I now full up my sedan twice a month. Not only does my hybrid vehicle use less fuel because of the smaller weight, smaller engine and battery cell power but I also get a longer range per full up (900km instead of around 500km).
To conclude
Rising fuel prices will continue. Do you think that consumer behaviour (choices and preferences) must change? Do you have any similar experiences with compressed natural gas, diesel or premium unleaded gasoline price increases? How have you managed with the gradual removal of the fuel subsidy by the state? Did you switch to a vehicle that uses a cheaper fuel? Are you contemplating a hybrid or electric vehicle?
