Phasing in fuel price increases

[NewsWhore]

Industry and Commerce Minister Francisco Javier Garcia has announced that the announced increase in the price of gasoline will be phased in over a four-week period so that consumers don't feel the burden of the increases immediately. The price increase is part of the government's new fiscal reform plan and will raise the price of premium and regular gasoline by RD$5 and diesel fuel by RD$3. The price hike also includes the application of a 13% and 16% ad valorem tax on imported fuels. This means that the total cost will go up by between RD$7.50 and RD$9 for regular and premium and RD$7 for diesel fuels. Garcia played down the new taxes by commenting that petroleum prices usually decline and that this trend could eventually offset the increase in prices.

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