By Benjamin Flowers: Prime Minister John Briceño said today that the rising cost of fuel due to external reasons is forcing a situation in which the cost of riding a bus may have to go up.
Briceño, speaking in a recent stakeholder meeting to discuss ways to combat the economic fallout of rising fuel costs, noted that his administration has already capped the price of diesel to ensure it doesn’t go any higher, but that more relief is needed to keep public transportation running.
“I think that we have to look at the price structure, Briceño said, “as much as we don’t want to accept it, the price structure has to change because the bus owners are losing money and if they can’t get a little bit more revenue they are going to shut down.”
He stressed that there are limitations to how much tax relief government can give on fuel due to the losses such relief will bring to the government’s coffers, noting that increasing GST by 1 percent has a value of $15 million but a reduction of the fuel price by a dollar accounts for a $45 million loss.
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