BUDGET 2022: Gov’t caps freight costs

 

Government has announced steps to shield consumers from rising prices associated with high shipping costs.

She announced that effective midnight Monday, March 14,  the cost of freight would be capped at $7,350 per 20 foot container and $8,000 for 40 foot containers, which represented the average costs of freight in 2019.

“We shall hold these costs for 12 months. This means the Government will forego revenue with respect to the escalation of shipping prices for the next 12 months, until March 31, 2023. It is difficult for us to calculate what the amount will be largely because of the fluidity of imports into the country,” said Mottley.

Read  full story in Monday’s E-paper