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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

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.




(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.)

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