A three-month intervention measure is being implemented by the Government of St. Vincent and the Grenadines to cushion the impact of high fuel prices, by reducing Excise Tax and the Customs Service Charge by 50%, on imported petroleum products.
Prime Minister Dr. Hon. Godwin Friday made the announcement during an address to the Nation yesterday afternoon.
The Prime Minister announced that the Government’s new intervention will see adjusted fuel prices at the pump.
Dr. Friday said the Government will completely remove the customs service charge and excise taxes on diesel purchased for electricity generation. This measure alone he says, represents approximately 1.6 million dollars in foregone Government revenue.
The Prime Minister further said VINLEC will be required to contribute to creating the cushion, which is part of a shared responsibility.
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