Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, tonight announced that the Government will be reducing the excise tax on gasoline and diesel from 50 percent to 35 percent with immediate effect.
Specifically, gasoline prices are expected to reduce from $184 per litre to $170 per litre, and diesel prices from $170 per litre to $160 per litre.
Minister Singh explained that, during its previous term in office, the PPP/C Government had put in place arrangements to adjust the excise tax rate on fuel from time to time to cushion the domestic impact of world market price fluctuation.
Minister Singh emphasized that tonight’s adjustments are in keeping with the strong ongoing commitment by President Irfaan Ali’s Government to ensure that domestic customers are protected from sharp price escalation on the world market and from cost of living increases.
