Opp: As Oil Prices Rise, the Gov’t Collects More Taxes

Opposition Spokesperson on Finance Julian Robinson, says as inflation continues to rise on basic food items and fuel this will only dig into the pockets of the people as the government sees a rise in revenue. He says fuel prices have increased by sixty percent over the last year. Robinson’s calling on the government to spend the full amount collected from hedge tax to help those suffering from high gas prices. Julian Robinson says as inflation rises the government will collect more revenues, however he notes additional revenues will not go into the people’s pockets.

This follows the finance minister’s opening budget presentation highlighting no new taxes. However Robinson says in reality the government doesn’t need to impose any new taxes as it will be collecting even more taxes as oil prices rise and inflation skyrockets. Robinson says over the last year gas prices have increased by sixty percent, putting a significant burden on not just the traveling public, but on everyone. He acknowledges a significant contributor to the cost of gasoline is the price of crude oil, which is internationally determined but notes local taxes also play a critical role. Meanwhile, the opposition spokesman is calling on the government to allocate the full amount collected from the hedge tax to help those who are suffering from high gas prices.

He says the government collects between six and seven billion dollars annually, therefore the two billion dollars would not be enough to lessen the general pressure.