The Ministry of Finance has said that the increase in the excise tax is due to the drop in the oil price on the world market
In a press release on Tuesday, the ministry said “Government has in place a long-standing and well functioning mechanism under which the ad valorem tax rate on fuel products is adjusted downwards when the world market price for fuel moves upwards, and vice versa; it adjusts upwards when the world market price for fuel moves downwards”.
“Today as international fuel prices have dipped,
