December 4, 2022

Wire Service Canada

Complete Canadian News World

Fuel prices are rising again and the excise tax deduction ends at the end of the month

Fuel prices were not affected by the rise in oil prices. OPEC’s decision to cut production, despite clear opposition from the United States, caused crude oil prices to rise last week, with immediate repercussions on refined products and distributor prices rebounding significantly. So the weekend was marked by increases both in green, which itself came to 1.7 euros per liter, and for diesel. Diesel, which in recent months has fallen at a lower speed and consistently lower than gasoline, is back in excess of €1.8 per liter.

Gasoline and diesel prices hike

According to Quotidiano Energia’s surveys, the national average price of ‘do-it-yourself’ gasoline is in fact 1,690 euros per liter, a marked increase compared to 1,656 euros recorded on Friday, with some brands even at 1,708 euros. The national price for a self-service diesel is always rather €1,836, with a more noticeable jump compared to the €1,765 average last Friday. However, on October 10, companies moved their recommended prices — Eni raised diesel by 3 cents, IP by 3 cents for diesel and petrol, Q8 by 3 cents for petrol and 4 cent for diesel, and Tamoil by 1 cent for diesel — but the increases Qe points out. It is not fully implemented on the network.

Fuel, weekly prices

loading …

Extension of the excise tax cut on gasoline until October 31

This means that in the coming days – pending a new ministerial decree that extends the excise duty cut also into November – refueling could cost even more. The Aid-Ter Decree, in light of the continuing economic effects of the exceptional increase in the prices of energy products, extends the tax reduction on gasoline, diesel and LPG from October 18, 2022 to October 31, 2022. While the value-added tax rate applicable to used natural gas has been fixed 5% in transportation

READ  BTP Italia November 2028: How's the recruitment process going

Implications for consumers

According to Codacons, an increase in the cost of refueling is a big risk to Italians, and not just motorists. In fact, the association reports that 85% of goods distributed in Italy travel by road, with the effect of a ripple between the price of fuel and the price of food and non-food products.