NewsLocalReduced excise tax on petrol and diesel as of Tuesday

Reduced excise tax on petrol and diesel as of Tuesday

A government decision to temporarily reduce the excise tax on petrol and diesel by 7 cents per litre – which increases to 8.3 cents per litre including VAT – came in effect on Tuesday.

The measure, valid till June 1, is within efforts by the government to contain costs from the rising fuel prices sparked by the war in Ukraine.

The parliament last week followed express procedures in approving the Cabinet’s proposal, Philenews also reports.

The new bill provides for the reduction of excise duties on 95 and 98 octane gasoline and 7 cents per liter on diesel. If VAT is added, then the reduction is 8.3 cents per liter.

At the same time, excise tax on heating oil was reduced by 5.32 cents per liter – including VAT.

The fiscal cost to the state from the reduction of excise taxes is around €40 million.

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