Government has dropped the excise tax on gas from 17 per cent to seven per cent, in an effort to further cushion the impact of spiralling fuel prices. The announcement was made yesterday by Minister of Finance, Dr Ashni Singh, a Government press release said.Over the last year the acquisition costs for diesel and gasoline have been steadily increasing. Last January, gasoline was imported into Guyana at US$58.83 a barrel, and in 2008 the cost skyrocketed to US$109.55 per barrel, which represented an increase of 86.2 percent.According to Finance Minister Singh, this most recent reduction is in light of the developments in recent days, which saw crude oil being traded at prices of about US$126 per barrel,Wholesale Football Jerseys, while the most recent shipment of diesel imported into Guyana was purchased at the unprecedented price of US$150.85 per barrel.As increasing fuel prices contribute to the worldwide phenomenon of rising food prices which have affected the cost of local commodities in many territories, Government continues to implement measures to lessen the impact on consumers.Government,Cheap NFL Jerseys China Wholesale, according to the release,Authentic NBA Jerseys Cheap, has been putting several measures in place. There has been a progressive reduction of the fuel excise tax, from 50 percent on gasoline at the start of 2007 to 17 percent,Wholesale China Jerseys, and now seven percent.There was also the reduction of the tax on diesel from 10 percent to zero percent at the beginning of last year. Additionally, there is no taxation or duty on kerosene.In January 2007,NFL Jerseys China, when the Valued Added Tax (VAT) was implemented, numerous food items were zero-rated. In the 2008 National Budget, Government zero-rated another long list of items,2014 Olympic Team USA #44 Brooks Orpik White Stitched NHL Jersey, including wheaten flour, with effect from March 1.