The Ontario government is promising to extend gas and fuel tax rate cuts.
Premier Doug Ford announced this morning that if proposed legislation is passed, the tax rate on gasoline and diesel fuel will remain at 9 cents per litre through June 30, 2024.
On July 1, 2022, Ontario’ gas tax was lowered by 5.7 centre per litre and the fuel tax by 5.3 cents per litre.
The price paid at the pump is made up of the cost of crude oil, wholesale margins, retail margins, federal excise tax, the federal carbon tax, Ontario gasoline/fuel tax, and HST.
The proposed legislation will be part of this Thursday’s fall economic statement.
