Fuel prices surge in Italy as tax discount expires

Rome, Jan 4 Petrol and diesel prices in Italy have surged dramatically after a discount on fuel-related excise duties expired.

According to data from the Ministry of Environment and Energy Security, national average prices were 1.64 euros per liter for gasoline and 1.71 euros for diesel at self-service pumps during the week ending December 31, 2022, reports Xinhua news agency.

As tax discount expired, prices were 1.80 euros for gasoline and 1.87 euros for diesel respectively at self-service pumps, local media reported on Tuesday.

These correspond to increases of 9.8 per cent for petrol and 9.4 per cent for diesel over the span of just a few days.

In the first days of 2023, national prices for full-service petrol stood at 1.95 euros per liter and 2.02 euros for diesel, local media reported.

The increase was due largely to the expiration of the discount on fuel excise tax, which was put in place in March 2022 to help combat a surge in fuel prices.

The discount initially expired on December 1 and was extended at a lower rate until the end of 2022, when it expired entirely.