The Government has confirmed to remove the current $0.20 fuel tax.

Economy Minister, Aiyaz Sayed-Khaiyum says this will cost the government approximately $56 million as prices remain volatile.

He says relevant authorities will continue to monitor crude oil prices and the events that are affecting them such as the war in Ukraine.

Sayed-Khaiyum adds in the same way that should crude oil stabilize, the government may be able to reconsider these changes.