"In Australia, the federal government has announced an emergency package that halves the fuel and diesel excise tax for three months, aiming to reduce prices by more than 26 Australian cents per litre."
"Poland has reduced VAT and excise duties on petrol and diesel to the minimum allowed under EU regulations and implemented a price cap to mitigate the impact of increasing crude oil prices."
"Despite petrol prices rising to around £1.50 per litre, the UK government has not introduced any new reductions in fuel duty in response to the recent surge in global oil prices."
"Critics are accusing ministers of forcing drivers to bear much of the financial burden, arguing that a more substantial tax cut is overdue given the soaring global crude prices."
Governments worldwide are taking measures to alleviate rising oil prices, with Australia halving fuel excise tax and Poland reducing VAT and excise duties. In Asia, countries like India have lowered fuel levies to protect consumers. Conversely, the UK government has maintained its existing fuel duty policy, with petrol prices reaching around £1.50 per litre. Critics argue that the government should implement more substantial tax cuts to ease the financial burden on drivers amid soaring global crude prices.
Read at London Business News | Londonlovesbusiness.com
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