The PM also offered his take on the crushing fuel prices, which are hovering close to 15 dollars a gallon at the pump - likely the highest in this region. Without disclosing the percentage of the tax take, the PM claimed that government is losing tens of millions of dollars in revenue:
John Briceno, Prime Minister
"As to fuel, we have been cutting the taxes already. We are giving up about $60 million already. $60, $60. That's what I said, $60 million in the house. I think no, what happened? Because no, we just gave up on gasoline, on premium."
"Yeah, we just gave up some taxes on the premium. We're not giving the entire increases to the public. We're being cut inside. I believe that now that that just happened, was it this week? No, Sunday."
"So I think that when you include that, probably it will be close to $80 million. But remember, $200 million, we are getting $200 million for excise taxes on fuel. And so it is a big leak. It's hurting us."
"I had a Ministry of Finance prepare a cabinet paper to our colleagues. Our colleagues could also, you know, they know, but I want to make sure that they understand, guys, we need to look how we're going to spend."
"We need to see where we can curtail spending. We need to be able to, especially do the carpooling with government employees, you know, whereby, you know, instead of the end of the day they could carpool to be able to reduce the fuel."
World oil prices have dropped since the ceasefire was declared in Iran, but they still remain 50% higher than they were in December.
