Rome - After a meeting lasting just ten minutes, the Italian Council of Ministers passed a new fuel decree today, Friday. The key point of the decision is the extension of the tax reduction on fuels until May 1st of this year.
Financing of the decree secured
Following the cabinet meeting, Economics and Finance Minister Giancarlo Giorgetti explained the financial details at a press conference in Palazzo Chigi. A total of 500 million euros had been made available to cover the extension. Of this, 200 million euros came from self-financing through increased VAT revenues. The remaining 300 million euros were reallocated from previously unused ETS resources (emissions trading). The Minister expressly emphasized that the funds originally intended to provide financial relief for energy-intensive companies remain untouched.
Support for the economy and global outlook
The decree also includes targeted measures for agricultural businesses and support for export-oriented companies via the Simest financial institution. According to Giorgetti, the decree also implements an agreement with associations and interest groups on the „Transition 5.0“ program.
During the press conference, the Minister also commented on the war situation in Iran. This would inevitably have consequences for global monetary and fiscal policy. In view of the current extremely complicated economic situation, Giorgetti pointed out that international developments could require the government to take further targeted action in the future.
