Germany Slashes Fuel Tax in $16.5 Billion Energy Package (1)

Germany’s ruling coalition agreed on additional measures worth about 15 billion euros ($16.5 billion) to ease the burden on businesses and households from soaring energy costs, including a temporary reduction in fuel prices.

Chancellor Olaf Scholz’s government will cut the tax on fuel for three months by 30 euro cents ($0.33) for gasoline and 14 cents for diesel, Finance Minister Christian Lindner told reporters in Berlin. Officials from the three-party ruling alliance negotiated through the night to reach a deal after initially disagreeing on what measures to adopt.

Scholz’s Social Democrats, the Greens and Lindner’s pro-business FDP also agreed ...