Latest update February 13th, 2025 6:17 AM
Latest News
- Despite not paying taxes, Exxon boss says profit sharing and royalty is same as giving Guyana tax
- ExxonMobil makes application for 8th oil project
- After Putin call, Trump says negotiations to end Ukraine war will start ‘immediately’
- Guyana captured by corrupt business and political elites
- First ever mammogram machine commissioned at Linden Hospital
Govt. slashes gasoline, diesel prices at GUYOIL fuel pumps
Kaieteur News – Customers of the Guyana Oil Company Limited (GUYOIL) will benefit from a reduction in gasoline and diesel prices, a development that was announced on Saturday, via a Press Release, by Senior Minister with Responsibility for Finance, Dr. Ashni Singh.
According to the release, at GUYOIL the gasoline price has been reduced by 20 percent from $269 per litre to $215 per litre and diesel price has been reduced by 15 percent from $265 per litre to $225 per litre. These changes will take effect from today, October 2, 2022.
During the first half of 2022, global oil prices surged more than 50 percent, increasing from US$77 per barrel at the end of December 2021 to US$120 in June of this year; having risen as high as US$137 per barrel, primarily as a result of the Russian invasion of Ukraine. The impact of the dramatic increases in oil prices, according to the release, were significant and given the interconnected nature of the global economy, translated into higher cost of landing fuel in Guyana.
In order to mitigate the impact of rising global fuel prices on domestic consumers and the productive sectors to which fuel is a key input, the Government lowered the Excise Tax rate on both gasoline and diesel from 10 percent to 0 percent in March of this year.
It would be recalled that, previously, during the Budget 2022 presentation, the Government lowered the Excise Tax on both gasoline and diesel from 20 percent to 10 percent so as to minimise the impact of rising global oil prices, the release added.
“The Government has been progressive(ly) lowering the Excise Tax rate on both gasoline and diesel, from 50 percent to 35 percent in February 2021, 35 percent to 20 percent in October 2021, in keeping with government policy to adjust the taxes on fuel, to mitigate the impact of rising fuel prices on the world market,” it added.
Since resuming office in August 2020, the PPP/C Government has implemented a suite of measures to ease cost of living pressures and to improve disposable incomes, in an ongoing effort to address these issues head-on and to mitigate the effects of rising prices globally on all Guyanese citizens. The reduction in excise taxes, the release underscored, is one such measure within the wide menu of measures implemented by Government since assuming office.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Guyana’s silence represents a shocking neglect of its national interest
Peeping Tom… Kaieteur News-Guyana has long championed the sanctity of territorial integrity and the rejection of aggression... more
OAS Secretary General Election and renewed OAS Consensus
Antiguan Barbudan Ambassador to the United States, Sir Ronald Sanders By Sir Ronald Sanders Kaieteur News- The upcoming election... more
Weekend Cartoon
