The following statement was given today in the House of Assembly by the Honourable Siobhan Coady, Deputy Premier and Minister of Finance:

Speaker, I am pleased to advise this Honourable House that your government is continuing with the tax reduction on gasoline and diesel of 7 cents per litre until March 31, 2024. This maintains a lower price at the pump by 8.05 cents per litre (including HST).

While the rise in cost of living is due to challenges that are global in nature, we know Newfoundlanders and Labradorians feel it close to home. This tax reduction provides meaningful cost savings for the people and businesses of the province and is an initiative of Budget 2023 at an estimated cost of $63.4 million.

Newfoundland and Labrador has the second lowest inflation rate among all provinces; and this move ensures we maintain the second lowest gas tax among all provinces as well.

Speaker, this is just the latest investment in your government’s more than half billion dollars in targeted short and long term measures to help residents with the cost of living since March 2022, including one-time cost of living cheques, the elimination of 15 per cent retail sales tax on home insurance, a home heating supplement program, and many more.

I look forward to delivering my fourth budget as your Minister of Finance in this Honourable House on March 23, 2023.

Thank you.