Another increase in the price for fuel on the world market is again taking a toll on the local population but Vice President Bharrat Jagdeo says there is nothing more his government can do, at this point, to address the situation.
Commenting on the issue during a press conference on Monday, Jagdeo explained that the government has done everything in its power to help the population combat the rising prices for fuel.
“You know the excise [tax] was at 50% and we reduced it to zero. That is what we have done and that is what we could have done. There isn’t anything else we can do at this stage because that is the only thing the government uses to collect in terms of revenue and it is at zero, down from 50%,” Jagdeo reasoned.
It was in March when the Vice President announced the lowering of the excise tax on fuel to zero.
The prices at the pumps were eventually adjusted, bringing relief to thousands of persons.
However, that relief was short-lived as prices continued to climb on the global market, resulting, once more, in higher prices in Guyana.
The hike in fuel prices is being attributed to the aftermaths of the novel coronavirus pandemic and the war between Russia and Ukraine.
Currently, the prices for gasoline and diesel are almost $300 per litre at local service stations.
