Latvia Is Cutting Excise Taxes on Gasoline and Diesel Fuel — Delfi

On Thursday, September 24, the Latvian Parliament adopted amendments to a law aimed at curbing the rise in prices for petroleum products. The changes provide for a further reduction in the excise tax rate on diesel fuel, as well as a reduction in the excise tax on gasoline.

Economy Minister Viktors Valainis noted that changes in the excise tax affect prices at gas stations with a delay, and the tax reduction is only partially passed on to the price.

According to Valainis, to achieve an immediate price reduction, it would be necessary to either reduce the excise tax even more significantly or lower the value-added tax rate.

The retail price of diesel fuel is expected to drop by eight euro cents per liter if fuel retailers fully pass on the tax reduction to the price.

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On Monday, Prime Minister Andris Kulbergs wrote on social media that this week the government will consider measures to lower fuel prices to the minimum permissible level, using all tools at its disposal. According to the prime minister’s estimate, the total reduction could amount to up to 20 euro cents per liter.

This was reported by Delfi.

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