Fuels Add up to the Seventh Consecutive Week of Increases After the End of the VAT Reduction
7 Articles
7 Articles
The escalation of fuel during this summer continues, aggravated by the end of the 10% VAT cut at the beginning of July as this measure is not included in the aid package for the war in Iran, which was approved by the Government in an extraordinary Council of Ministers on 29 June. According to the European Union Oil Bulletin, EP reports, this is the seventh consecutive week of increases, and diesel accumulates more than 21.5 per cent while gasoli…
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Fuel prices remain without roofing and have continued to rise throughout the summer, leading to an increasingly expensive ‘return operation’ of vacations. Since the beginning of July, when the government withdrew the VAT reduction that had been in force in the previous months to alleviate the impact on the price of the war in the Middle East, fuel prices have been continuing. And there are already seven consecutive weeks with increases in the co…
The price of the fuels has continued this week with its upward trend, chaining its seventh consecutive increase, which accumulates an increase of up to 21.5% since the decline of the reduction of the VAT to 10% at the beginning of last July. Specifically, in the average price of the liter of diesel, this week has increased by 0.38% compared to the previous one, to reach 1,828 euros, its highest level since mid-April.
There is no indication that the Social Democratic Party and the People's Party are willing to convene a parliament this month to extend the authorization for the Minister of Finance and the government to extend the reduction in VAT on fuel, but as is known, the temporary authorization to reduce the tax to 11% that the Althingi granted last spring will expire at the end of next month.
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