Excise duties on fuels: renewed cut on 20 September

Excise duties on fuels: renewed cut on 20 September

Excise duties on fuels

Despite the evident drop in the price of oil per barrel, fuels are always very slow to drop down to the figures we were used to until a few months ago; for this reason the Government has decided to maintain the current cut in excise duties until next September 20, so as to cover at least the whole summer period.

During a meeting yesterday in Palazzo Chigi, the Minister of Economy Daniele Franco has brought forward the proposal for a ministerial decree dedicated to extending the cut in excise duties until mid-October: the 30 cents "discount" at the petrol pump, which allows motorists to buy fuel at an average price, has therefore been confirmed about € 1.87 per liter, at least for today August 4.

Yesterday, an important meeting of OPEC + took place, the organization that brings together 13 of the countries most involved in world oil production, including Russia. The meeting was intended to increase the amount of oil extracted every day, but the result obtained was decidedly disappointing: 100,000 more barrels per day approved, a drop in an ocean of oil considering that daily consumption worldwide is around around 90 million barrels.

For us motorists, this decision will not lead to particular implications on the price at the petrol pump, and the only hope is that the slow decline trend we have seen in recent weeks will continue until to return within the limits of the guard.

Amid robust tax growth, customs and excise duties decline over 10% in Q1

Customs and excise duties yielded over ten per cent less in revenues to the exchequer in the first quarter of the current financial year compared to the corresponding period of the previous year even as overall tax collections grew way above the budget projections due to direct taxes and goods and services tax (GST). Going forward, the decline may be offset by windfall tax imposed by the government on domestic crude production and export of fuel products.


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    First Published: Tue, August 02 2022. 12:42 IST