Italy lowers fuel taxes to help tackle surging prices

Xinhua News Agency

 

ROME – Italy’s government on Monday, May 2, adopted a decree that eliminates excise taxes on some forms of natural gas and methane to help tackle surging energy prices due to the Russia-Ukraine conflict.

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 natural gas will be lowered starting Tuesday, until at least July 8.

For natural gas used for transport, excise taxes will be removed while value-added tax will be five percent.

Excise taxes on gasoline will be reduced to 478.40 euros (502.50 U.S. dollars) per 1,000 liters, whereas previously it was taxed at 564.00 euros per 1,000 liters. 

Meanwhile, taxes on liquified petroleum gas will be reduced from 227.77 euros per 1,000 kilograms to 182.61 euros per 1,000 kilograms.

Fuel prices in Italy have climbed dramatically since late February when the Russia-Ukraine conflict began. 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 Italy has signed new gas supply deals with multiple other countries, including Algeria, Egypt, the Republic of Congo, and Angola.

On April 21, Italian Minister for Economic Transition Roberto Cingolani vowed that Italy would be “almost” independent of Russian gas imports by the second half of next year. (Xinhua)

– ag

Popular

Corruption issues won’t affect PH chairship of ASEAN 2026 —PBBM

By Brian Campued President Ferdinand R. Marcos Jr. on Tuesday stressed that local political issues of any member state will not overshadow the regional and...

PH to raise South China Sea Code of Conduct as 2026 ASEAN chair —PBBM

By Brian Campued The Philippines is in the process of putting together the different elements where it believes the Association of Southeast Asian Nations (ASEAN)...

ASEAN, China sign free trade upgrade

By Brian Campued President Ferdinand R. Marcos Jr. on Tuesday joined fellow leaders at the Association of Southeast Asian Nations (ASEAN) for the signing of...

PBBM notes maritime cooperation as key for regional peace, stability

By Brian Campued Citing the ceasefire agreement between Hamas and Israel as well as the ongoing tensions in the West Philippine Sea (WPS) and the...