Most recent gas and diesel spike includes new tax
With persons curious and anxious after today's newly released gas and diesel price increases, the Ministry of Energy has issued an urgent statement to assert that the cost adjustment includes the fuel tax as well.
Permanent Secretary in the Ministry of Energy and Natural Resources, Jehu Wiltshire issued a clarification this evening.
He explained that indeed the retail prices of some petroleum products, which will increase effective midnight Saturday, June 30, reflect the imported prices and Fuel Tax which will be imposed from tomorrow, Sunday, July 1.
And he reminded that is in line with the announcement by the Prime Minister and Minister of Finance and Economic Affairs in her mini-Budget earlier this month, which stated that the fuel tax will be levied at a rate of BBD 40 cents per litre of petrol; 40 cents per litre of diesel; and 5 cents per litre of kerosene.
“However, in future, the retail prices of these products will still be subject to fluctuation based on international market prices,” Mr. Wiltshire explained.
The new price of gasoline is Bds $3.96 per litre, up from $3.60, an increase of 36 cents. The price of diesel has increased by 41 cents per litre, moving from $2.80 per litre to $3.21 per litre. Kerosene now costs $1.45 per litre, down from $1.55, representing a decrease of 10 cents per litre.
With regard to Liquid Petroleum Gas (LPG), the Permanent Secretary explained that not only was this product not subject to the Fuel Tax, but it would also benefit from the removal of the National Social Responsibility Levy.
“The 100 lb cylinder of LPG will now retail at Bds $162.17, a reduction of 64 cents. The price of the 25 lb cylinder has been reduced from $45.80 to $45.64, a saving of 16 cents, while the price of the 22 lb cylinder decreased by 14 cents from $40.47 to $40.33. The price of the 20 lb cylinder has been adjusted from $36.79 to $36.66, a decrease of 13 cents,” he indicated.
He, however, reminded the public that the retail price of LPG would still be subject to fluctuation based on international market prices.
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