Attempts to reduce fuel prices being put forward in Latvia

The amendments provide for a reduction in excise duty on fuel, as well as the abolition of the mandatory biofuel blending requirement for marked agricultural and fisheries diesel and certain types of fuel intended for military purposes. “High fuel prices are currently affecting virtually every Latvian resident and business. By supporting the reduction in excise duty, we wish to ease price pressures and help maintain the competitiveness of our businesses at a time when energy costs are rising sharply,” said Aiva Vīksna (United List), Chair of the Budget and Finance (Tax) Committee. The Committee decided to submit amendments to the Law on Limiting Price Increases for Petroleum Products to the Saeima for consideration, which provide for a reduction in the temporary excise duty rate for diesel fuel from 396 to 330 euros per 1,000 litres from 1 October until the end of the year.