Guyana to reduce excise tax on gasoline and diesel

In Guyana, the Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh says the government will be reducing the excise tax on gasoline and diesel to ease the domestic impact of the recent sharp rise in the world market price for fuel. 
The excise tax rate on both gasoline and diesel will be lowered from 50 per cent to 35 per cent with immediate effect.
In announcing the cut in excise taxes, Dr. Singh said over the last few months, oil prices have risen steadily on the world market, from US$35 a barrel in late October 2020 to over US$60 a barrel at close of trade on Wdnesday.
As a result of the reduction in the excise tax rates, the prices at the pump will also be reduced with immediate effect.

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