Gas, Fuel Tax Being Cut In Ontario
A potential drop in fuel prices this long weekend.
Beginning Friday, the province is lowering the gas tax by 5.7 cents and the fuel tax, which covers diesel, by 5.3 cents per litre.
Both rates will sit at nine cents per litre through until December.
The provincial government passed legislation in the spring to make these changes.
“I really want to ask and implore the federal government to do the same thing,” Premier Doug Ford stated when asked if this could be a long-term measure. “We’ve done ten cents so far, but if the feds (cut) another eleven cents that’s 21 cents, that would be huge savings. They can do it temporarily if they want to, just do it through the peak times of the summer or up to the end of the year, that’s how you put real money into people’s pockets, that’s how you keep the cost of groceries down and inflation down. That’s what we need to do.”
Members of Provincial Parliament (MPP) are expected to be back at Queen’s Park in a few weeks.
“We’re going to come back on (Monday) August 8th, I think we’ll be sitting approximately for five weeks, and we’re going to get things moving forward. We will pass the budget that (Finance) Minister Peter Bethenfalvy put together and we’re going to move things forward as quickly as possible,” Ford commented.
The budget in April included a reported deficit of $19.9 Billion in 2022.
Looking ahead, the document also predicted a deficit of $10.8 billion in 2023-24, $6.1 billion in 2024-25, $5 billion in 2025-26, and only $700 million in 2026-2027, but only once a $1.5 billion reserve is removed.
