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Excise tax on gasoline slashed as oil prices climb

Mar 18, 2011 News

Government yesterday slashed the excise tax on gasoline to 20% as world prices on fuel continue to climb.
According to Minister of Finance, Dr. Ashni Singh, yesterday, the cut of the excise tax on gasoline from 30% will take effect from this morning.
Last month, government reduced the tax on diesel from 20% to 15%.
The Minister indicated that while crude oil was trading at prices in excess of US$100 per barrel and as high as US$115 per barrel in some markets, Guyanese oil companies were actually sourcing refined petroleum products from their established suppliers at prices in the range of US$130 per barrel. In fact, Minister Singh pointed out, the quoted price for the last shipment of gasoline loaded for Port Georgetown was registered at US$126 per barrel, while the corresponding price for diesel stood at US$131 per barrel.
While the extraordinary external price increases observed are as a result of well known developments in the major oil producing centres, especially the Middle East, they have the potential to exert significant impact on economies that are large oil importers and small economies dependent on imported oil, a government release said.
Singh pointed out that Guyana had made considerable progress in recent years to consolidate its resilience to external shocks such as adverse commodity price movements.
“Nevertheless, as long as Guyana remained as dependent on imported oil as it currently is, it will have to continue to contend with the reality of exposure to such developments.”
Meanwhile, Minister Singh pointed out that, just as the productive sector is sensitive to the price of diesel at the pump, so is the consumer sensitive to the price of gasoline at the pump.
The Minister emphasized that Government’s move to reduce the excise tax on gasoline was made specifically with the intention of minimizing the impact of these adverse external developments on the domestic consumer and on the productive sector.
He also pointed out that government continues to charge no tax on kerosene, in order to ensure that this product is available to consumers at the lowest possible cost.

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