Ontario looks to extend gas, fuel tax rate cuts

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The Ontario authorities is seeking to lengthen gasoline and gasoline tax fee cuts to June 30, 2024, proposing laws by way of its upcoming 2023 Fall Financial Assertion.

Since July 1, 2022, Ontario has lowered the gasoline tax by 5.7 cents per liter and the gasoline tax by 5.3 cents per liter. The federal government is proposing to increase the speed cuts so the tax fee on gasoline and gasoline (diesel) would proceed to stay at 9 cents per liter.

Picture of trucks fueling at a truck stop.
( File picture: Leo Barros)

“We all know that each greenback helps, and this fuel tax lower is one other approach we’re retaining prices down for Ontario households and companies,” Premier Doug Ford mentioned in a press launch. “As we proceed to take care of lingering inflation, our authorities is constant to supply folks and companies reduction on the pumps for an additional six months.”

The Ontario Trucking Affiliation (OTA) welcomed the information. “The announcement to increase gasoline tax reduction for the trucking trade is a measure that each one Ontarians ought to applaud,” mentioned Stephen Laskowski, OTA president.

“Nearly each merchandise or product Ontarians have at residence or their locations of enterprise was moved by truck. Gasoline is usually the second main price behind labor for the trucking trade. Holding gasoline prices down, helps battle inflation.”

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