Italy Cuts Diesel Tax and Seeks EU Fiscal Room for Energy Aid

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessItaly Cuts Diesel Tax and Seeks EU Fiscal Room for Energy AidItaly approved a temporary tax cut on diesel fuel through Aug. 6 as the government seeks to cushion the impact of surging energy prices following the widening of the conflict in the Middle East.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Italy approved a temporary tax cut on diesel fuel through Aug. 6 as the government seeks to cushion the impact of surging energy prices following the widening of the conflict in the Middle East.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe measure provides a discount of 17 euro cents a liter on diesel, including excise duties and value-added tax, Finance Minister Giancarlo Giorgetti said after a cabinet meeting on Monday. The package will cost about €125 million (142.3 million), he said.The measure marks the latest in a series of government interventions to shield motorists from surging fuel costs as the conflict in the Middle East drives up oil prices. The cabinet will review the measure again at its next meeting on Aug. 4, monitoring developments in the international situation and fuel prices before deciding whether to extend the relief beyond Aug. 6, Giorgetti said.Giorgetti also said the government will ask Parliament next week to authorize it to seek an activation of the European Union’s national escape clause under the bloc’s fiscal rules, a move that would create “significant” additional budgetary room. Any extra borrowing capacity should be used “very intelligently and in a targeted way,” he said. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe remarks follow a report that Italy is considering seeking parliamentary approval for wider deficit targets to help finance energy security and defense spending.Fuel prices have climbed after the conflict in the Middle East expanded, disrupting shipping through the Red Sea and raising concerns over global energy supplies. Diesel prices have climbed to their highest level this year, with the national average self-service tab reaching €2.185 a liter on Monday, according to Italy’s Industry Ministry.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.