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Government considering all options to address rising fuel costs

Posted: Thursday, March 31, 2022. 12:24 pm CST.

By BBN Staff: At a recent Cabinet meeting, ministers discussed various relief measures to address the rising cost of fuel, with more options to be discussed at an upcoming stakeholder’s meeting.

“Cabinet considered various relief measures in connection with heightened fuel prices and their volatility. In addition to action already taken to mitigate the price increase through reduction of excise duty by $1.23 per imperial gallon and further excise duty reduction on regular gasoline, Cabinet is evaluating possible targeted subsidies as well,” Cabinet said in its weekly briefing.

Cabinet said that it further determined that the other components contributing to the price of fuel, such as the dealer’s margin and the depot fee, need to be urgently renegotiated.

Yesterday Prime Minister John Briceno said that there is an upcoming meeting of the tourism, transport, and agricultural sector to further discuss a means of balancing fuel costs.

“Fuel is going to be a long discussion, but basically what we have been talking when we met with them is that they were…. many people in the industry want to have certainty, they want to be able to cap fuel at a price and keep it at that price so that if the price goes up,” Briceno said. “We are looking at setting up a fund from where we can get how to be able to pay the taxes and then when the prices go down, we keep it at that price until we can pay off the funds. So we hope that by next week Tuesday.”

 

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