You are here: Home » International » News » Finance
Business Standard

Italy lowers fuel taxes to help tackle surging prices due to Ukraine war

A statement from the office of PM Mario Draghi read, excise taxes on gasoline, diesel fuel, liquified petroleum gas, and all forms of natural gas will be lowered starting Tuesday, until atleast July 8

Topics
Italy | Excise Duty | Fuel

IANS  |  Rome 

gasoline, diesel, fuel, petrol
Photo: Bloomberg

The Italian government has adopted a decree that eliminates excise taxes on some forms of and methane to help tackle surging energy prices due to the Russia-Ukraine war.

According to a statement from the office of Prime Minister Mario Draghi, excise taxes on gasoline, diesel fuel, liquified petroleum gas, and all forms of will be lowered starting Tuesday, until at least July 8, reports Xinhua news agency.

For used for transport, excise taxes will be removed while value-added tax will be 5 per cent.

Excise taxes on gasoline will be reduced to 478.40 euros ($502) per 1,000 litres, whereas previously it was taxed at 564.00 euros per 1,000 liters.

Meanwhile, taxes on liquified petroleum gas (LPG) will be reduced from 227.77 euros per 1,000 kg to 182.61 euros per 1,000 kg.

prices in have climbed dramatically since Russia's invasion of Ukraine began on February 24.

At that time, Russia was Italy's single largest supplier of natural gas and a leading supplier of petroleum to the country.

However, in recent weeks, has signed new gas supply deals with multiple other countries, including Algeria, Egypt, the Republic of Congo, and Angola.

On April 21, Minister for Economic Transition Roberto Cingolani vowed that would be "almost" independent of Russian gas imports by the second half of next year.

--IANS

ksk/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, May 03 2022. 14:43 IST
RECOMMENDED FOR YOU