Excise duties on gasoline are being cut by 50% in St Vincent. The savings are approximately $1.05 on diesel per gallon and $1.50 on gasoline per gallon.
Finance Minister Hon Camillo Gonsalves said all taxes currently paid on a gallon of gas or diesel are around 18 percent. However, these have been reduced to 9 percent, resulting in lower prices. So instead of paying $14.69 per gallon, you now pay $13.19.
The Government will lose over three million dollars in revenue over the next three months as a result of this.
St Vincent and the Grenadines currently have the lowest gasoline prices in the Eastern Caribbean.
Updated to reflect new information on price.
