Minister of Finance Dr Ashni Singh announced yesterday that government had recently reduced the excise tax on diesel from 20 percent to 15 percent as a result of the upward movement in the world market price for oil and in particular as a result of increases observed in the price at which diesel is being obtained from external suppliers.
According to a press release, the finance minister said that this decision was taken at a time when external conditions, including developments in the Middle East had driven the price for crude oil up to US$100 per barrel, compared with less than US$80 per barrel just four months ago.
The reduction to the excise tax on diesel was
