Bad news for Italian motorists. The excise duty cut of 4.9 cents per liter (including VAT) decided with the Mef-Mase decree of 28 October last expires on Sunday 8 November, which provided for “a reduction of 632.90 euros per thousand litres” until 7 November. There is no indication in the Official Journal of an extension and the real risk is that prices will increase again.
The cut on excise duties expires
An increase which, according to the consumer association Adusbef, could however be absorbed: “Starting from Sunday excise duties will rise, including VAT, by 4.88 euro cents per litre, equal to an additional expense of 2.44 euros on a 50-litre tank. The stop to the discount, however, comes at a time when oil prices are recording a depreciation, with Brent falling by 16.2% in a few days, which opens leads to a possible reduction in price lists at the pump”.
Petrol and diesel prices
Based on the latest Mimit findings, the average price of fuel in self-service mode along the national road network dropped again on Saturday, reaching 2.001 euros per liter for petrol and 2.224 euros for diesel. “Compared to the end of October – added Antonio Tanza, president of Adusbef -, when the price exceeded 117 dollars per barrel, Brent fell by 16.2% in just a few days. Although oil prices are not the only component that determines the trend of prices at the pump, it is an important economic signal. Precisely for this reason we believe that Eni and the other brands, which have introduced price caps and discounts, can further reduce the prices of petrol and diesel, regardless from the failure to extend the cut in excise duties”.