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Government Plans To Liberalise Domestic Fuel Market, In Bid To Reduce Fuel Subsidy.

by | Oct 1, 2018

Minister of Finance, Colm Imbert, during his presentation of the 2019 budget, revealed that it cost the state twenty –nine billion dollars in fuel subsidy for the period 2002 to 2018.

He said in the context of the new market based arrangement for the import of refined petroleum products the government is taking steps to liberalise the domestic fuel market.

Minister Imbert noted that the deregulated market will bring to an end the system of fuel subsidies which were introduced in 1974.

He added that with current oil prices and fuel prices, the fuel subsidy in 2019 is estimated to cost the treasury one point five billion.

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