Senior Minister in the Office of the President with responsibility for finance, Dr Ashni Singh, last night announced a reduction in the excise tax on gasoline and diesel to relieve the impact of the recent sharp increase in the world market price for fuel.
The minister noted that over the past several months, it was observed that oil prices have risen steadily on the world market and have since gone from US$35 a barrel in late October of last year to more than US$60 a barrel by close of trade yesterday. The prices on the local market are very much influenced by these increases.
