General Secretary of the ruling People’s Progressive Party (PPP), Dr. Bharrat Jagdeo, has defended the government’s approach to addressing the rising cost of living.
During his weekly press conference, Dr. Jagdeo highlighted the administration’s ongoing efforts to manage the financial pressures facing citizens.
Dr. Jagdeo emphasized that despite global economic fluctuations and increased oil production, the government continues to subsidize the costs of electricity, water, and fuel significantly.
He noted that the removal of a 60 percent excise tax on gasoline and diesel, which amounts to approximately US$384 million, has been a major step in reducing costs for consumers.
Additionally, Dr. Jagdeo pointed out that water rates have been reduced by 5 percent since the government took office in 2020, despite overall increases in costs across other sectors.
He stressed that these measures are part of the government’s broader strategy to stabilize prices and support the business community and residents during these challenging times.