Finance Minister Clyde Caruana on Wednesday announced Government will be reducing the excise duty on fuel in a bid to cushion the current increase in petrol and diesel prices.
Speaking in Parliament, Minister Caruana said the Government will be reducing fuel tax via a legal notice, as the world contends with a sharp rise in the international price of oil.
The legal notice is expected to be published today, Thursday.
For unleaded petrol, the excise duty has been slashed from €489.38 to €359 per 1,000 litres. For diesel, tax has been lowered from €412.40 to €330.
The Minister added that the price of fuel at petrol stations will remain the same.
Remaining in place until 2022, Minister Caruana said the measure will cost the Government around €31 million over a year, translating into around €2.5 million monthly.
Skills strategy proposes training leave laws and incentives to push employers to upskill workforce
While Malta enjoys strong employment levels, many employers – especially SMEs – face constraints such as limited time
Government opens €300 million bond issue, may rise to €500 million on demand
The offer comprises two fixed-rate instruments
Strengthening defences: MFSA’s Thematic Review on financial crime
The review fits into a much broader national effort to combat financial crime