Expensive fuels. New government extension on the cut in excise duties on petrol, LPG and diesel. The suspension was extended for a further month.
Petrol and diesel prices, all about the new extension of the cut in excise duties
It would expire on September 20, 2022 the deadline for the cut in excise duties on fuels decided by the Government. Now, with the new joint decree between the Ministry of Economy and Finance and the Ministry of Ecological Transition, things are changing again: the suspension of the cut passes to October 17, 2022.
In a historical period of great uncertainty and economic crisis, earning another thirty days means a lot for workers and families who are struggling to make it to the end of the month.
Therefore, the following cuts will also be applied in the coming weeks:
- 30.5 cents per liter on the price of petrol and diesel;
- 10.5 cents per liter on the price of LPG.
We remind you that in reality the net cut in excise duties corresponds to 25 cents less per liter for petrol and diesel and 8.5 less for LPG, but adding the Value Added Tax (VAT), we arrive at the figures indicated above.
Price cuts for petrol and diesel: where did the government get the money?
The government is compensating for lower fuel revenues with a higher tax revenue.CopyAMP code.
This is what theArticle 1, paragraph 290 of the 2008 Finance Law:
“For the purposes of the protection of the consumer citizen, by decree of the Minister of Economy and Finance, in agreement with the Minister of Economic Development, the measures of the rates of excise duty on energy products used as fuels or as heating fuels for civil uses, established from the consolidated text of the legislative provisions concerning taxes on production and consumption and related penal and administrative sanctions, pursuant to legislative decree no. 504, and subsequent amendments, have decreased in order to compensate for the higher revenues of the value added tax deriving from changes in the international price, expressed in euros, of crude oil.“.