Thank you, Mr. Speaker. Over the last few months Canadians have experienced huge increase in the cost of living. In January, prices rose by 5.1 percent over the year by year basis up from 4.8 percent increase in December. Inflation hasn't been this high in generations since 1991. Northerners and constituents in my riding are feeling the pain, especially at the pumps.
Gas prices this morning in Yellowknife are $1.75 a litre and economists are warning that prices will go higher still as sanctions on Russia get tighter. Earlier this week, the Government of Alberta acknowledged this burden on their residents. They didn't only acknowledge with their words, they took action.
Starting April 1st, Alberta will be pausing excise tax on gasoline and diesel for at least three months. This will safe Albertans 13.6 cents a litre of gas. Currently in the NWT, we already pay some of the highest cost of living. The GNWT charges excise tax of 10.7 cents a litre on gasoline in communities connected to highways, 6.4 cents a litre of gasoline in communities off the highway, 9.1 cents a litre to mode of diesel, and 3.1 cents a litre for non-mode of diesel. On top of all this, there is also a carbon tax, federal excise tax, and federal sales tax.
High gas prices especially impact us in the North. In a vast and sparse territory, high gas prices raise the cost of goods for all Northerners. Today I am calling on the GNWT to stop the collection of the territorial fuel tax to offer Northerners relief from current high fuel prices.
In the 2022-2023 Main estimates, the Department of Finance expects to collect $19.3 million in fuel taxes. I believe some of that should be returned to Northerners to provide much needed relief to Northerners from historical high inflation. It is time that the GNWT respond to concerns about the rising cost of living and offer relief. Pausing the territorial fuel tax puts money back into the pockets of Northerners when they need it the most. I will have questions for the finance minister later on today, mahsi.