“Without margin limits, I am skeptical”: Marterbauer hesitates on fuel price brake

Austrian Finance Minister Markus Marterbauer expressed skepticism on Monday regarding the extension of the country's fuel price brake beyond August, particularly if it involves only a tax reduction without addressing the profit margins of oil companies. He stated that such a measure would offer minimal noticeable relief.

Marterbauer indicated his intention to advocate at the EU level for a tax on the crisis-driven profits of oil corporations. This stance comes in response to calls for extending the fuel price brake, which is set to expire at the end of August. The minister noted that the measure's impact at the pump had diminished to just one to two cents per liter in August. He recalled that the combination of a tax cut and a legal margin limit for refineries and gas stations, in effect during April and May 2026, had provided genuine relief. However, this margin intervention has been suspended since June due to pressure from the ÖVP and Neos parties.

"Without the margin limitation, I am a bit skeptical, to be quite honest," Marterbauer admitted. He sees greater potential in a coordinated approach to tackle the crisis-related profits of oil giants. In a joint letter dated August 21, 2026, addressed to Irish Finance Minister Simon Harris, whose country currently holds the EU Council presidency, Marterbauer and his counterparts from Germany, Italy, Portugal, Poland, and Spain called for a prompt discussion of an EU-wide framework for taxing "windfall profits."

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Without the margin limitation, I am a bit skeptical, to be quite honest.