Government is cutting the Excise Duty on gasoline by 50 per cent. This means savings of approximately $1.05 on diesel per gallon and $1.50 on every gallon of gasoline.
Minister of Finance Hon. Camillo Gonsalves, says all the taxes being paid on gas and diesel amounts to just over 18 per cent, this has been reduced to 9 per cent resulting in the lower prices for the consumer so instead of the current $14.69 per gallon being paid, you pay $13.19 per gallon.
This will happen over the next three months resulting in revenue loss for the Government of over 3 million dollars.
St Vincent and the Grenadines currently has the lowest price for gasoline in the Eastern Caribbean.