The Ministry of Finance wishes to inform you that the Council of Ministers, at its meeting of 12 April 2023, has approved an extension for a period of 2 months from 5 May 2023 to 30 June 2023 in the imposition of reduced rates of excise duty on heating and motor fuels.
This reduction is limited to 50% of the existing reduction, i.e. a reduction of 4.16 cents on motor fuels (petrol and diesel) and 3.19 cents on heating fuels. This reduction has been driven by developments in international fuel prices, which show a trend towards stabilisation in 2023 at lower levels for petrol and a slight decrease for diesel and heating oil.
The Government, assessing the positive impact on the reduction of fuel prices, and thus on the reduction of the costs borne by motor vehicle users as well as households/businesses using heating oil, has decided to further contribute to the alleviation of the economic costs borne by consumers and businesses in the Republic, and this reduction is one of the measures being promoted to mitigate the impact of increased fuel prices.
The total fiscal cost of the loss of excise and VAT revenues from the implementation of the two-month extension in question is estimated at €5.96 million.
The measure will be continuously evaluated in order to take appropriate compensatory measures in line with developments.
(MB/SX)
Contents of this article including associated images are owned by PIO
Views & opinions expressed are those of the author and/or PIO
Source
Source[/P]
