Excise duty on fuel cut in half, lower gas prices

Excise duty on fuel has been chopped in half, allowing for road users to save over $1 on every gallon of both diesel and gasoline.

This is according to a press release from the Agency for Public Information (API), which noted that the reduction in excise duty on fuel means savings of approximately $1.05 on every gallon of diesel and $1.50 on every gallon of gasoline.

The release references finance minister Camillo Gonsalves, who said that all taxes paid on gas and diesel amounts to just over 18 per cent.

This has been reduced to nine per cent, resulting in lower prices for the consumer.

The 50 per cent reduction on excise duty is expected to last for the next three months, resulting in a revenue loss for the government of over $3 million.