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Govt. slashes gasoline, diesel prices
– Excise Tax on fuel reduced from 50% to 35%
The Guyana Oil Company Ltd., Palmyra Service Station.
Kaieteur News – The Government of Guyana has announced that it will be reducing the prices of both gasoline and diesel at the pumps. This is as a result of the reduction in the excise tax rates of fuel that were also adjusted.
With immediate effect, gasoline prices will be reduced from $184 per litre to $170 per litre, and diesel prices reduced from $170 per litre to $160 per litre.
This was announced by the Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, as he emphasized that this move is in keeping with the President’s commitment in ensuring that domestic customers are protected from the sharp price escalation on the world market and from cost of living increases.
In its effort to ease the domestic impact of the recent sharp rise in the world market price for fuel “the Government will be lowering the excise tax rate on both gasoline and diesel from 50 percent to 35 percent with immediate effect,” the Minister said.
This would help to minimise the impact on domestic consumers, particularly the travelling public as well as those productive sectors for which fuel is an important input.
In announcing the reduction in taxes, Minister Singh stated that he observed that over the past few months, oil prices have risen steadily on the world market, from US$35 a barrel in late October 2020 to over US$60 a barrel at close of trade presently. Due to the steady increase on the world market, fuel prices have been rising on the domestic market, the Minister added.
According to Minister Singh, 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 support the domestic impact of the world market price fluctuation, and that the current tax adjustment is being effected using this previously established mechanism.
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