What the Ministry decided
The Council of Ministers approved the extension, for another two months, of the imposition of a reduced consumption tax on fuel.
After the end of the Ministerial, the Minister of Finance, Makis Keraynos, stated: “The Council of Ministers decided to approve an extension for another two months, until June 30, of the imposition of reduced rates of excise duty on oil, gasoline and unleaded petrol. This reduction is limited to 50% of the existing reduction, i.e. a reduction of 4.16 cents in motor fuels (gasoline and diesel) and 3.19 cents in heating fuel. The fiscal cost from this decision is 5.96 million.”
The announcement of the Minister Finance
The Ministry of Finance wishes to inform that the Council of Ministers in its session today, dated April 12, 2023, has approved an extension for a period of 2 months from May 5, 2023 to June 30, 2023, the imposition of reduced rates of excise duty on motor and heating fuels .
This reduction is limited to 50% of the existing reduction, i.e. a reduction of 4.16 cents in motor fuels (petrol and diesel) and 3.19 cents in heating fuel. This reduction was driven by developments in international fuel prices, which show a stabilization trend in 2023 at lower levels for gasoline and a slight drop for diesel and heating oil.
The Government assessing the positive effect on the reduction of fuel prices, and by extension on the reduction of the costs borne by the users of motor vehicles as well as the households/businesses that use heating oil, decided to further contribute to the relief of the economic costs borne by them consumers and businesses in the Republic and is one of the measures promoted to mitigate the effects of increased fuel prices.
The fiscal cost from the loss of revenue from consumption tax and VAT from the implementation of the report of a two-month extension, estimated at a total of €5.96 million.
The measure will be continuously evaluated so that the appropriate compensatory measures are taken depending on the developments.