Tags: APFN | LT | Ecuador | Fuel Subsidies

Ecuador President Ends Subsidies That Hold Down Fuel Costs

Tuesday, 01 October 2019 10:38 PM

QUITO, Ecuador (AP) — Ecuadorian President Lenín Moreno announced an end to government subsidies for holding down fuel prices and said Tuesday night that he will send congress a proposal to overhaul taxes and labor rules as a way to revitalize the economy.

In an address broadcast on television and radio, Moreno said he was eliminating the $1.3 billion subsidy for gasoline and diesel. The move will raise the price of gasoline to $2.30 a gallon from $1.85 and the cost of diesel to $2.27 from $1.03.

He says a tax overhaul bill that he will send to the National Assembly within hours will include a provision for a three-year special tax on companies with annual revenue above $10 million. He says the extra revenue would go to education, health and safety.

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Ecuadorian President Lenín Moreno announced an end to government subsidies for holding down fuel prices and said Tuesday night that he will send congress a proposal to overhaul taxes and labor rules as a way to revitalize the economy.In an address broadcast on television...
APFN,LT,Ecuador,Fuel Subsidies
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2019-38-01
Tuesday, 01 October 2019 10:38 PM
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