Fuel found in scrap yard has value of $2.5M on black market

AG Anand Ramlogan with Anthony Chandler, Deputy Comptroller of Customs

Deputy Comptroller of Customs Anthony Chandler told reporters on Thursday the thousands of gallons of diesel fuel discovered in a bunker last week has a black market value of TT$2.5 million.

Chandler spoke about the stolen fuel at the regular post cabinet media briefing. He said the fuel would have been bought at the subsidized price of about TT$600,000. That would suggest that the black market sale would have returned a profit of $1.9 million.

The fuel, which is highly subsidized in Trinidad & Tobago, was found in containers and on a discarded Taiwanese trawler which was being cut up to be exported. Chandler said the vessel stored about 60,000 gallons of diesel fuel.

He added that more than 90,000 gallons of illegally stored diesel were found in in a bunker at Sea Lots on a compound used by scrap iron dealers.

Energy Minister Kevin Ramnarine said he has provided a report to cabinet on an audit which suggests that the black market sale of diesel fuel is a large scale, thriving business.

Attorney General Anand Ramlogan said he will study the report over the weekend and warned that the authorities will act against anyone involved in the illegal hoarding and sale of the fuel.