The government will waive the custom service charge for fuel Vinlec imports immediately, according to Camilo Gonsalves, finance minister.
According to Gonsalves, this will reduce the fuel surcharge to customers. The reduction will last for three months, he says.
“We will review this in the next three months. It will cost the government $165,000 per month and $500.000 for the three months”, Gonsalves said.
In the case of fuel for vehicles, Gonsalves said the excise duty on diesel and gasoline will be cut by half, resulting in a $1.05 and $1.50 savings respectively.
As for the first instance, Gonsalves says he expects to incur a loss of $3Million in revenue to the government for three months.
Taxes on cooking gas will also be reduced, helping consumers save $8-10 on a 100-pound cylinder, and $2.00 on a 20-pound cylinder.