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This article was published more than one month ago. The information may no longer be relevant or up to date.
VAT now fully reinstated on the price of gasoline and diesel
Last year, the Minister of Finance announced a temporary cap on the retail price and Value Added Tax applied to gasoline and diesel, in the interest of shielding consumers from the continued increase in prices for refined petroleum products.
Persons are advised that the cap has ended and the full rate of VAT (at 17.5%) now applies to gasoline and diesel. Therefore, the Minister responsible for Energy and Business, under the powers conferred on her by Section 3 of the Miscellaneous Controls Act, Cap. 329, has increased the retail price of gasoline (petrol) to BDS $4.08 per litre and the retail price of diesel to BDS $3.85 per litre.
These price adjustments are effective from Monday, February 20th, 2023.