Economy January 7, 2023 | 11:00 am

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Food and fuel subsidies will be maintained

President Luis Abinader together with the Ministers of Industry, Víctor Bisonó and of the Presidency, Joel Santos.

To maintain the retail price of fuels without increases, the subsidy in 2021 was RD$15.6 billion, and in 2022 it rose to RD$36.5 billion.

The Dominican government announced that this year it would continue with subsidy programs to contain possible variations in the prices of essential food basket items, fuel, and transportation.

In a press conference yesterday, President Luis Abinader said that this week the fuel subsidy is RD$291,537,000,000, up because the prices of diesel and fuel oil are higher because they have become an alternative for electricity generation to natural gas, which is much more expensive, after the war between Russia and Ukraine.

The Minister of Industry, Commerce, and Mipymes (MICM), Víctor Bisonó (Ito), highlighted that in the last four months of 2020, RD$325 million was allocated. In 2021 it was RD$15,600 million, and in 2022, RD$36,500 million were invested in maintaining the retail prices of fuels without increases.

Only for not increasing premium gasoline, in 2022, RD$7.6 billion, RD$5.7 billion for regular gasoline, RD$16.5 billion for regular diesel, and RD$7.3 billion for optimum diesel. In the case of LPG, it was RD$670 million.

We invite you to read: Danilo Díaz: “Everyone would like to receive the support of the PLD.”
Apart from these measures, subsidies amounting to RD$937 million have been applied to public passenger transport with the different groups of carriers through Intrant.

And on food, Bisonó explained that from February to June 2021, RD$300 million were made available for flour subsidies for popular water and sobao bread. Similarly, noting that between January and March 2022, the price of wheat and soybeans at the international level increased by more than 59%, from the ministry RD$1,599 million more were allocated throughout 2022.

He said that they could detect that between January and April 2022, corn on the international market had increased by more than 70%, which is why the government made available RD$700 million to support the poultry production sector for the stability of the price of chicken.

In addition, he said that together with the associations representing the productive sectors, they would continue with the 0% Rate Law for importing sensitive products.

In another order, the President emphasized that they are taking measures to accelerate the government’s construction works in the first quarter of the year and will evaluate some special monetary policy incentives to motivate the purchase of low-cost housing.

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