Latest update April 18th, 2024 12:59 AM
Nov 15, 2014 News
The business community has called on Government to consider lowering the taxes on
fuel in light of the current performance of the economy.
According to the Private Sector Commission (PSC), over the last year the world market prices for Brent Crude Oil fell from a high of US$114 per barrel to a low on November 13, 2014 of $74 per barrel.
“This is a reduction of 35% between the highs and low for the last 52 weeks. Analysts have projected that the prices will fall further in the days to come and that low oil prices will be the norm in the near future.”
PSC said it sees the lower world market prices as having a positive impact on business but is disappointed at the pace at which the prices are lowered at the pumps in Guyana with much benefit not being garnered by consumers locally as yet.
“We understand from a release from the Ministry of Finance that when the prices were high an intervention was made by the Government to lower the rate of excise taxes and now the prices are low the taxes will be readjusted to where they were to facilitate stable prices.”
The PSC made it clear that while it understands this position, it still believes the Finance Minister can give due consideration to other factors when this adjustment is being done.
This is to ensure that some of the savings seen worldwide will be passed on to the consumers in Guyana, especially since gold and rice prices have fallen dramatically and the performance of the economy has dampened in the last year.
Earlier this month, the Finance Ministry said it has hiked the gasoline tax from 20 to 40 percent and diesel tax from 15 to 35 percent.
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