I move Financial Resolution No. 5:
(1) THAT in this Resolution "the Act of 1989" means the Finance Act, 1989 (No. 10 of 1989).
(2) THAT the duty of excise on mineral hydrocarbon light oil imposed by paragraph 11 (1) of the Imposition of Duties (No. 221) (Excise Duties) Order, 1975 (S.I. No. 307 of 1975), shall, in lieu of the rate specified in section 40 (1) of the Act of 1989, be charged, levied and paid, as on and from the 1st day of May, 1992, at the rate of £28.70 per hectolitre.
(3) THAT for the purposes of the rebate of duty on mineral hydrocarbon light oil provided for in section 56 (3) of the Finance Act, 1988 (No. 12 of 1988), section 89 of the Finance Act, 1990 (No. 10 of 1990), shall apply as on and from the 1st day of May, 1992, as if the reference therein to section 40 (1) of the Act of 1989 were instead a reference to paragraph (2) of this Resolution.
(4) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1927 (No. 7 of 1927).
This provides for an excise duty reduction of 2p, including VAT, on a litre of petrol or the equivalent reduction of just over 9p per gallon with effect from 1 May 1992.