: Italy lowers fuel taxes to help tackle surging prices #IndiaNEWS #International Rome, May 3 | The Italian government has adopted a decree that eliminates excise taxes on some forms of natural gas

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Italy lowers fuel taxes to help tackle surging prices #IndiaNEWS #International
Rome, May 3 | The Italian government has adopted a decree that eliminates excise taxes on some forms of natural gas and methane to help tackle surging energy prices due to the Russia-Ukraine war.
According to a statement from the office of Prime Minister Mario Draghi, excise taxes on gasoline, diesel fuel, liquified petroleum gas, and all forms of natural gas will be lowered starting Tuesday, until at least July 8, reports Xinhua news agency.
For natural gas used for transport, excise taxes will be removed while value-added tax will be 5 per cent.
Excise taxes on gasoline will be reduced to 478.40 euros (2) per 1,000 litres, whereas previously it was taxed at 564.00 euros per 1,000 liters.
Meanwhile, taxes on liquified petroleum gas (LPG) will be reduced from 227.77 euros per 1,000 kg to 182.61 euros per 1,000 kg.
Fuel prices in Italy have climbed dramatically since Russias invasion of Ukraine began on February 24.
At that time, Russia was Italys single largest supplier of natural gas and a leading supplier of petroleum to the country.
However, in recent weeks, Italy has signed new gas supply deals with multiple other countries, including Algeria, Egypt, the Republic of Congo, and Angola.
On April 21, Minister for Economic Transition Roberto Cingolani vowed that Italy would be almost independent of Russian gas imports by the second half of next year.
Source: IANS
The post Italy lowers fuel taxes to help tackle surging prices appeared first on Bhaskar Live English News.

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