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GOB Absorbs the Recent Increase in Diesel Fuel

Drivers were facing an increase on diesel fuel with the most recent shipment. The price would have gone as high as fourteen dollars and seventeen cents, but the Government intervened and the price will remain at the current thirteen dollars and forty-one cents per gallon. It is the third such absorption that the government has undertaken. On March 11, there was the reduction of excise duty by thirty five percent on diesel fuel, followed by another reduction of excise duty on regular fuel, equivalent to one dollar and twenty-three cents on regular fuel. During Wednesday’s Senate budget debate, Minister of State in the Ministry of Finance, Christopher Coye explained why the government saw it important to ease the gain pain.

The total reduction in taxes on diesel for this month now stands at one dollar and ninety-three cents per gallon. In Tuesday’s Cabinet meeting it was agreed that other mitigating measures will be explored including renegotiations on the dealer’s margin and the fees at the fuel depot.