The 2022 budget speech delivered by Finance Minister Dr Ashni Singh today announced that the excise tax rate on gasoline and diesel will be cut immediately from 20 to 10 percent.
This is one of the measures to ease the cost of living burden.
He noted that twice in 2021 the government lowered the excise tax rate on gasoline and diesel from 50 to 35 percent and then from 35 to 20 percent.
“I am pleased to announce that, utlilising the same established mechanism, we will be lowering the excise tax rate further on gasoline and diesel from 20 percent to 10 percent, with immediate effect”, Singh said.
