Serbia lifts fuel excise tax cut as global oil prices continue to fall
Serbia is further reducing excise duty cuts on motor fuels, the government said, as global oil prices have continued to fall amid progress in peace talks between the US and Iran.
The government said the excise duty will be 64.80 dinars ($0.63/€0.55) per liter of unleaded gasoline and 66.64 dinars per liter of diesel during the period June 22-28, compared to the duties of 57.60 dinars for gasoline and 59.23 dinars for diesel that were in effect since May 16.
Before the war in the Middle East began on February 28, the fuel excise tax on unleaded gasoline was 72 dinars per liter and on diesel 74.04 dinars. To cushion the impact of the increase in global oil prices during the war, the government cut taxes by 20% in March and another 5% in April. The cumulative 25% cut in fuel excise taxes had been in effect until May 16, when the government first reduced the cut to 20%.
Last week, Serbian President Aleksandar Vučić said he expected the government to remove the excise tax cut as the situation on the global oil market began to stabilize after the US and Iran agreed to a ceasefire, as seen in a video posted by the Tanjug news agency. The International Monetary Fund (IMF) said earlier this month that Serbia should eliminate fuel excise tax cuts by July if oil prices remain near current levels, as long-term fuel subsidies are costly and inefficient.
The Serbian government also extended by 60 days a regulation that allows it to set maximum retail fuel prices on a weekly basis, which has been in effect since 2022. The maximum retail price for diesel for the period June 19-26 has been set at 217 dinars per liter, 3 dinars less than last week and 17 dinars more since the start of the war. The price of gasoline is now 191 dinars per liter, also 3 dinars less than the period June 12-19, but 10 dinars more since the end of February.
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