The Honourable Siobhan Coady, Deputy Premier and Minister of Finance, today announced an extension of the tax reduction on gasoline and diesel of seven cents per litre for the next year, until March 31, 2026. This maintains a lower price at the pump by 8.05 cents per litre (including HST.)

This reduction is one of many affordability measures established by the Provincial Government to support residents, families and businesses.

The Government of Newfoundland and Labrador will also be continuing its 50 per cent reduction in the cost of registering passenger vehicles, and the home heating supplement program.

These affordability measures are in addition to the more than $750 million dollars in targeted short and long-term measures announced since March 2022, as detailed in the backgrounder below.

Quote
“The extension of the gasoline tax reduction is just one of the many ways we are supporting residents – all with the intention of building a stronger, smarter, self-sufficient and sustainable province.”
Honourable Siobhan Coady
Deputy Premier and Minister of Finance

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BACKGROUNDER

The Government of Newfoundland and Labrador has announced more than $750 million in targeted short- and long-term measures since March 2022 to help residents with affordability, including:

• No new taxes, tax increases or fee increases in the last three budgets.
• Cut the gas tax by 8.05 cents per litre (including HST.)
• Cut the cost of registering passenger vehicles in half and provided free driver medicals for people 75 and older.
• Introduced the home heating supplement and eliminated the retail sales tax on home insurance.
• Increased the income supplement and the seniors’ benefit.
• Increased the child benefit by 300 per cent and increased the nutritional supplement up to age five.
• Lowered child care costs from an average of $40 a day to $10 a day, with more than 11,000 children in $10 a day spaces saving families an estimated $6,300 a year for each child in care.
• Reduced the small business tax rate, introduced new tax credits, and increased the exemption threshold for the health and post-secondary education tax (HAPSET).