Italy Extends Iran War Fuel-Tax Cut at Cost of €500 Million (1)

Prime Minister Giorgia Meloni’s government extended Italy’s fuel tax cut through May 1, committing about €500 million ($577 million) in added funds to blunt the impact of higher energy prices caused by the Iran war.

Until then, consumers and businesses will continue to see a €0.25 per liter reduction in taxes at the pump, Finance Minister Giancarlo Giorgetti said Friday. The new measures add to a similar-sized package that was set to expire on April 7.

“We’re talking about an emergency here,” Giorgetti told reporters in Rome. “The overall situation is objectively worrying for the economy,” Giorgetti added, referring ...