Italy Cut Fuel Taxes To Counter Rising Prices

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Rome, May 3 | The Italian Government Has Issued A Decree Eliminating Excise Duties On Certain Types Of Natural Gas And Methane In A Bid To Cope With Soaring Energy Prices Due To The War Between Russia And Ukraine. 

Excise Taxes On Gasoline, Diesel Fuel, Lpg And All Types Of Natural Gas Will Be Reduced From Tuesday Until At Least July 8, According To A Statement From Prime Minister Mario Draghi's Office, News Agencys Reports. 

Natural Gas Used For Transportation Is Exempt From Special Taxes, While Vat Is 5 Percent. The Excise Duty On Petrol Will Be Reduced From 564 To 478.40 Euros  Per 1,000 Liters.00 Euros For 1,000 Liters. At The Same Time, Taxes On Liquefied Petroleum Gas (Lpg) Will Be Reduced From €227.77 Per 1,000 Kg To €182.61 Per 1,000 Kg. Since The Russian Invasion Of Ukraine Began On February 24, Fuel Prices In Italy Have Risen Sharply.

At The Time, Russia Was Italy's Largest Single  Supplier Of Natural Gas And One Of The Country's Leading Oil Suppliers. However, In Recent Weeks Italy Has Signed New Gas Supply Deals With Many Other Countries Including Algeria, Egypt And The Republic Of Congo. And Angola. On April 21, Economy Minister  Roberto Cingolani Promised That Italy Would Be "Almost" Independent Of Russian Gas Imports By The Second Half Of Next Year.

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