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Carney suspends Canada's fuel excise tax as Iran war drives up prices
The pause covers gasoline, diesel and aviation fuel and is expected to deliver about $1.7 billion in tax relief, the Finance Department said.
- On Tuesday, Prime Minister Mark Carney announced a federal fuel excise tax suspension running from April 20 through Labour Day, September 7, to ease financial pressures on Canadians.
- Global fuel prices have surged more than 25% since war broke out in the Middle East following attacks involving Iran, disrupting crude oil supplies worldwide.
- The Department of Finance estimates the suspension will cost $2.4 billion and generate about $1.7 billion in total tax relief, reducing gas prices by roughly 10 Canadian cents per liter.
- Economist Werner Antweiler of the Sauder School of Business cautioned the move provides limited relief, while Conservative politician Andrew Scheer called the Liberal fuel tax-cut a "half-measure."
- Carney, whose Liberals recently secured a majority government, stated his administration is advancing major energy projects to reduce reliance on external factors and realize Canada's full clean energy potential.
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Canada Is Getting a Gas Tax Holiday
Canadian Prime Minister Mark Carney suspended the fuel tax in response to the Iran war in his first act after securing a majority government . Carney said Tuesday that with fuel prices increasing sharply, he is suspending the federal fuel excise tax on gas, diesel, and aviation fuel from next Monday...
·Miami, United States
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Watch ‘We need serious leadership’: Floor-crosser MP Gladu praises Carney’s fuel excise tax suspension Video Online, on GlobalNews.ca
·Toronto, Canada
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Coverage Details
Total News Sources13
Leaning Left4Leaning Right0Center3Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 43%
Factuality
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