Latest update April 18th, 2024 12:59 AM
Nov 12, 2014 News
As fuel prices continue to fall on the world market, it is unlikely that Guyana will see any reduction anytime soon at the gas stations. This is because the government has reportedly approved an increase in the taxes for gasoline and diesel.
Earlier this month, Minister of Finance, Dr. Ashni Singh, in a notice to the Guyana Revenue Authority (GRA), said that under the Financial Administration and Audit Act, the Cabinet of Ministers approved increases of the excise tax on gasoline from 20 percent to 40 percent. Diesel was also raised significantly from 15 percent to 35 percent.
The increases took effect from November 5 and will remain in force until further notice, the Finance Minister said in his notice to Commissioner General, Khurshid Sattaur.
It was copied to Auditor General, Deodat Sharma; Chief Executive Officer of the Guyana Energy Agency, Mahender Sharma; the Guyana Oil Company, Sol Guyana Inc, and Rubis Guyana Inc.
There has not been any official announcement from Government on the tax increase, although international news agencies have been reporting heavily on the drop in oil prices on the world market.
Under a special arrangement, Government has from time to time adjusted the excise tax on fuel, depending on the prevailing price. In most cases the taxes were reduced to help cushion prices locally as prices on the world market went up.
Yesterday, crude oil fell to a four-year low of US$79 per barrel.
Fuel prices in Guyana remain among the highest in the region.
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