The transport trade has been urged to express its concerns over fuel prices in a calm and rational manner, and refrain from taking drastic action inconveniencing the public.

In view of protest activities to be held by the industry on June 10, the Emergency Transport Co-ordination Centre of the Transport Department will monitor the traffic situation closely.

Understanding the impact of high fuel prices on various trades and industries, the Government is monitoring the situation closely and will listen to the views forwarded by the transport trade. It is the Government's established policy to tax vehicular fuel on fiscal, environmental or transport grounds.

With the introduction of a concessionary duty of 56 cents per litre for Euro V diesel since December, down from the original rate of $2.89 per litre and the concessionary duty rate of $1.11 per litre for ultra-low sulphur diesel, duty on diesel currently represents less than 5% of its retail price. This duty incidence is already among the lowest in the world.

Nonetheless, the Government has undertaken to review the concessionary duty rate on Euro V diesel.