October 5, 2022 | By Colin O. Jarrett |
The Government of Grenada has removed all taxes on petrol. This means that retailers and consumers will not be required to pay any taxes on petrol, which is defined by law as gasoline and diesel until December 2022.
According to a Petrol Tax Order issued in the Government Gazette on September 16, 2022 and signed by Finance Minister and Prime Minister Dickon Mitchell, the petrol tax rate for importers are zero dollars and zero cents.
The Order was issued by the Minister in accordance with Section 4 of the Petrol Tax Act. This clause grants the Minister of Finance the ability to change the gasoline tax rate without the legislature’s agreement. According to the gasoline tax law, only importers are required to pay the gasoline tax.
The retailers purchase gasoline at the wholesale price, which includes the gasoline tax and then add their profit margin before selling to consumers.