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🇮🇹 Italy /Economy & Trade

EU tax on oil profits eyed as Italy faces fuel price surge

From ANSA · () Italian

Translated from Italian, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Six EU countries, including Italy, have proposed a bloc-wide tax on oil company extra profits to help consumers struggling with high energy prices.
  • The proposal aims to use increased revenue to fund measures for consumers and businesses facing rising energy costs.
  • Italy's government is pushing for the EU to consider the tax, as fuel prices continue to hit record highs.

Italy and five other European Union nations are pushing for a bloc-wide tax on oil company extra profits, as fuel prices reach record highs.

the meloni government is at the forefront of supporting Italians on this front too. Now let Europe listen to us.

— Augusta MontaruliThe vice-group leader of Fratelli d'Italia at the Chamber of Deputies commented on the government's stance regarding the proposed EU tax.

The proposal, outlined in a joint letter from the finance ministers of Germany, Italy, Austria, Poland, and Portugal, along with Spain's economy minister, urges the EU to place the tax on the agenda for an upcoming finance ministers' meeting in Dublin. The aim is to generate revenue that could then be used to support consumers and businesses grappling with the high cost of energy.

we have made a concrete proposal: it is necessary to adopt the mobile excise duty system, but the government does not listen to us on this point and gasoline remains above two euros per liter.

— Elly SchleinThe secretary of the Democratic Party criticized the government's inaction on fuel prices.

Italy's government has stated it is at the forefront of efforts to support its citizens on this issue, urging Europe to listen to their concerns. Meanwhile, opposition parties criticize the government for not acting faster, proposing alternative solutions like a mobile excise duty system. Consumer groups are also calling for government action, including cutting excise duties and sourcing funds from the excess profits of energy companies, banks, and insurance firms.

the return home from vacation - between fuel, tolls, and service area stops - can reach about 270 euros per family and approach 300.

— CodaconsThe consumer association calculated the estimated cost of holiday travel.

Data from the Ministry of Enterprises and Made in Italy shows the average price for self-service gasoline has risen to 2.008 euros per liter, with diesel at 2.128 euros per liter. These figures reflect the ongoing surge in fuel costs, with no immediate government measures announced to alleviate the situation before September.

resources must come from extra-profits of energy companies, oil companies, banks, and insurance companies.

— AssoutentiThe consumer association suggested sources for government intervention on fuel costs.
DistantNews Editorial

Originally published by ANSA in Italian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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