News Local Lower fuel tax explained

Lower fuel tax explained

Consumers will save nearly 6 cents per litre of fuel, after a bill which lowers fuel tax was approved unanimously by parliament on Wednesday.

The bill will take effect on Tuesday, December 18 and includes petrol, diesel and heating fuel.

Consumers will save between 93 and 99.2 cent per €20 of fuel.

On Friday, the price of 95 octane gasoline was €1,21 per litre. Currently, with €20 consumers can buy 16.5 liters, while for the same quantity on Tuesday, consumers will pay 99.2 cent less.

For heating fuel, the profit percentage is higher as the price is lower. For example, the reduction of 6 cent in 95 octane gasoline is 4.95% while in heating oil it is 6.6%.

Based on Friday’s price of 90 cents per liters, consumers can buy 222.2 litres for €200. On Tuesday, for the same amount of money, they will buy 238 litres, i.e. a profit of 16 litres or 13,3 euro.

In essence, consumers will save 1 euro for every 20 euro of diesel and around 13 euro for every 200 euro of heating fuel.

Read more:

https://in-cyprus.com/news/local/mps-approve-lower-consumer-tax-on-fuel/

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