Mark Carney suspends gas tax

The gas tax holiday, which is set to last until Labor Day, is estimated to cost the federal government approximately $2.4 billion.

Carney stated that the measure is necessary to protect Canadian households and businesses from the economic fallout of the Iran war and the Strait of Hormuz blockade.

While the move has been welcomed by many, Conservative Leader Pierre Poilievre argued that it is a temporary fix that fails to address the underlying issues of inflation and government spending.

The suspension is the first major legislative act of Carney's new majority government.