Norton Gas Price Subsidy is ‘Pastry’ Savings – Jagdeo – Demerara Waves Online News – Guyana

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Updated on Thursday, June 16, 2022 at 1:27 by Denis Chabrol

On Wednesday, Vice President Bharrat Jagdeo disagreed with Opposition Leader Aubrey Norton’s proposal to subsidize the price of gasoline to mitigate the rising cost of living.

Mr Norton specifically recommended that the Government ensure that gas prices do not rise beyond a set level by compensating suppliers for any price increases where excise tax reductions have already been exhausted to help reduce the prices of a wide basket of goods, thus alleviating the cost of living crisis.

But Mr Jagdeo claimed Mr Norton had not said how the gas subsidy would work and sought to discredit the idea. “He wants a subsidy now – we’ve removed the fifty (excise) tax but he can’t explain how. It’s that kind of quasi-cake-like approach to economics that will hurt us,” Mr Jagdeo said. , a Russian-educated economist and former Minister of Finance.

The Vice President noted that the World Bank and International Monetary Fund have warned Guyana against fast-paced infrastructure projects as it could overheat the economy.

The Guyanese government has absorbed the costs of electricity and water, despite the fact that fuel prices have soared in recent months largely due to the Russian-Ukrainian conflict.

The opposition leader has repeatedly promised to scrap personal income tax on the wages and salaries of some Guyanese if his coalition led by National People’s Congress reform, a partnership for national unity + Alliance for Change, wins the next general and regional elections constitutionally scheduled for 2025. .

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