Italy reactivates fuel excise tax reduction - If prices remain high, other relief measures will be taken
Italy has reactivated a temporary cut in excise duty on oil amid widespread protests in many cities against rising energy costs and concerns about the fiscal impact of such decisions. The rise in energy and consumer prices due to the war in the Middle East has been a “headache” for Prime Minister Giorgia Meloni, who has been trying for months to protect the purchasing power of energy-intensive households and firms. On the other hand, the prime minister is trying to keep the state’s finances under control.
Economy Minister Giancarlo Giorgetti told reporters that Rome had approved a decree that would reduce the price of diesel for consumers by 17 cents per liter, until August 6. The measure will cost the state 125 million euros, including special tax breaks for truck drivers and agricultural businesses.
Giorgetti said the government could take further steps at a cabinet meeting scheduled for August 4, adding that if necessary, the ruling coalition would act to reduce electricity and gas bills.
The minister added that Italy and Germany were the European countries most affected by rising energy costs, which unfortunately depend heavily on fossil fuels. Meloni reacted on the social network, X, that the government had acted quickly and responsibly, considering the limited resources at its disposal.
Italy introduced a temporary cut in excise taxes on oil and gasoline in March, following the energy shock caused by the US and Israeli attacks on Iran in late February. The measure was postponed several times and gradually reduced, until it expired on July 3, costing taxpayers almost 2 billion euros.
Both the European Commission and the International Monetary Fund criticized the excise tax cut, saying Italy should have implemented more focused measures to protect families while limiting the impact on the budget. Italy is targeting a budget deficit of 2.9% of gross domestic product this year, well within the European Union's 3% limit. Italy's public debt, which is expected to peak at 138.6% of GDP this year, is set to surpass Greece's as the eurozone's largest.
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