TEMPORARY MEASUREMENTS TO DECREASE FUEL PRICE
By: JJosephaNews
Reading Time: 2:10 mins.
Twitter: @JJosephaNews
Willemstad, Curacao. The government meets the consumer with about twenty-four cents (24 guilder pence) per liter of gasoline and diesel via the Temporary National Ordinance on Fuel Price Mitigation.
THE TREASURY
The Gilmar Pisas government (MFK political party) wishes to take action in response to the rapid rise in worldwide fuel prices, which is also affecting Curacao. The compensation will cost the country's treasury 27 million guilders until the end of the year, but it will be covered because, according to the most recent prediction, more turnover tax will be collected than the budget anticipates, i.e. 509 million instead of 450 million.
NATIONAL ORDINANCE
The Council of Ministers will examine the Temporary National Ordinance today. As the Minister of Finance, Mr. Javier Silvania (MFK political party), has stated, this is taking place on his own initiative. Currently, gasoline costs 2.64 guilders per liter, and diesel costs around 2.27 guilders per liter. The purchase price determines a substantial portion, but the government also receives a significant amount of money. Each liter of gasoline costs more than 69 cents (excise charges and sales tax) while diesel costs about 24 cents (sales tax). The National Ordinance law must usually go through the complete legislative process, including the consultative round and Parliamentary ratification. The Consultative Council (Raad van Advies Curacao) and Parliament must both approve all national ordinances. They also pass the Economic and Social Council if they have a socioeconomic component SER (Sociaal Economische Raad Curacao). This can take (a prolonged) time in normal circumstances, but it is hoped that the government will want to complete the procedure as rapidly as possible. Following the Council of Ministers' approval, a meeting of Parliament will be called to see if the idea has enough parliamentary backing. The minister might then release a letter anticipating a change in the law with this support from Curacao Parliament.
FUEL RATES
After a task team was formed, the fuel excise rates (now 41 cents per liter) will be slashed by 25%, which will save you 11 cents. In addition, the 6% wholesale sales tax has been lifted which makes the consumer save 13 cents (in total, 24 cents).
Diesel is not subject to any additional taxes. Both the wholesale and retail sales taxes (both 6%) will be eliminated temporarily under the measure, resulting in a 24-cent increase in the end-user rate.
Between April and December, this equates to a total revenue loss of more than 26.9 million dollars.
Other components of the gas station price include current surcharges 'to ensure the supply of fuel' (22 cents per liter), the Curoil joint-stock company's profit (11 cents), and the margin of the primarily private petrol station operators (17.5 cents).
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