Government is proposing to reduce the excise tax, come to an agreement with Trinidad about fuel imports and ask two major oil companies to share in the burden so consumers can pay less at the pump.
While making it clear that the Social Partnership, SOL Petroleum and Rubis would have to agree, Minister of Energy Kerrie Symmonds said yesterday he was hopeful the move would be approved.
He said since January, the cost of fuel internationally increased by about 70 per cent which led to spikes in local prices, which also include value added tax (VAT) at 17.5 per cent, excise tax at 99.3 cents per litre and fuel tax at 40 cents per litre.
“The domestic fuel prices include a few taxes, excise tax and VAT, but those taxes have not changed since this administration has been in office, so they cannot be attributed to the recent increases in fuel prices. (TG)
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