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Suriname Fisheries on brink of disaster due to rising oil prices

Monday, May 12, 2008

In Suriname, the fisheries industry is on the verge of economic collapse due to escalating prices of fuel. According to reports, fishing trawlers have been docked for more than a month now as shrimp and fish companies are unable to cope with the soaring costs of fuel. Prahlad Sewdien, president of the Suriname Seafood Association has also claimed unfair competition from fishermen in Venezuela and Trinidad and Tobago who are better able to maange the fuel costs because of special tariifs from their respective governments. Sewdien pointed out that the problems started when the fuel costs crossed the break-even point of US$0.40 a litre for diesel. Since 2002 the price for diesel has increased from US$0.15 per litre to a current US$0.80 per litre. Analysts have warned that least 7,000 jobs are in jeopardy because of the current crisis.

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