Vice President announces further reduction in excise tax on gas and diesel

Vice President announces further reduction in excise tax on gas and diesel

With the impact of the rising cost of living being felt across the country, the Government of Guyana has announced a further reduction in the excise tax on gasolene and diesel from the current 10% to 0%.

It is the latest reduction in the excise tax on fuel in an attempt to cushion the effects of the increase in the global price for oil.

Earlier this year, the government in its national budget announced a reduction in the same excise tax on gas and diesel from 20% to 10%. The prices went down for a few weeks and increased past the previous high price when the global price for oil started to surge.

The announcement today by the Vice President is expected to see a minimal reduction at the pump as the local companies remind that oil prices are still high on the international market.

One official said the reduction could be around $10 or just over 10% less per litre. The local oil companies are also still to receive any directive from the Ministry of Finance about the announced reduction.

One official said they will act to institute the reduced taxes once the official directive is received from the Ministry of Finance.

The Government has been facing ongoing calls for it to take steps to reduce the high cost of living being experienced by citizens across the country.

In the past few months, the prices for various items including food items have risen exponentially, with many of the companies blaming the increases on the global situation with shipping costs and fuel costs rising steadily.

The Opposition has called on the government to move swiftly and implement additional measures to ensure an ease for citizens who are being hit hard by the price increases.

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