Guyana cushions oil price

The Guyanese government has announced an average 15 per cent reduction in taxes on fuel products.



As a result, the excise tax on gasoline was lowered from 50 per cent to 30 per cent, while the tax on diesel was lowered from 40 to 30 per cent.



Finance Minister Dr Ashni Singh said the decision to reduce the taxes was to ensure that local businesses and consumers do not have to bear the cost of rising world oil prices.



President Bharrat Jagdeo has also said the government would continue to make kerosene tax-free.