Italy lowers fuel taxes to help tackle surging prices

By Trend

Italy's government on Monday adopted a decree that eliminates excise taxes on some forms of natural gas and methane to help tackle surging energy prices, Trend reports citing Xinhua.

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.

For natural gas used for transport, excise taxes will be removed while value-added tax will be five percent.

Excise taxes on gasoline will be reduced to 478.40 euros (502.50 U.S. dollars) per 1,000 liters, 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 kilograms to 182.61 euros per 1,000 kilograms.