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Prime Minister and Minister for Finance, Honourable Allen Chastanet

PM CHASTANET TO REVIEW FUEL PRICE CAP

The government has decided to review the price cap on diesel and gasoline in an attempt to maintain the excise rates.

In 2017, the UWP government raised the excise tax on gasoline and diesel from $2.50 a gallon to $4.

The additional $1.50 was earmarked as a revenue stream to fund the maintenance of the road network and infrastructure.

However, UWP the government is reconsidering the cap. Prime Minister Allen Chastanet made this pronouncement during the 2018/2019 Budget policy address.

Chastanet says that the projected excise tax on fuel has been below the $4 target.

The Prime Minister announced that the government had secured a loan of 50 million from the Republic of China on Taiwan to invest in road repairs and refurbishments.

Proceeds of the increase in the fuel tax will be assigned to repaying the loan.

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