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Serbian President Aleksandar Vučić has announced that his country will reduce excise taxes on petroleum products by 40 percent in order to prevent price increases at the pump. He said the state aims to guarantee ample supply and keep prices under control.
" We are giving up almost entirely our revenues in order to reduce the impact on the state budget, as long as we have large reserves ," Vučić declared after a meeting with the National Security Council.
According to him, Serbia collects 2 billion euros for the budget from excise duty on oil, which is also the largest revenue from excise duty.
A week ago, Serbia already reduced the excise tax on petroleum products by 20 percent, which, according to Vučić, costs the state about 35 million euros per month.
Before the decision, state taxes accounted for more than half of the price of a liter of gasoline or diesel that consumers paid at the pumps.
Vučić has described the measures as "painful for the state," but that citizens have no reason to worry as Serbia has sufficient reserves.
As the conflict continues in the Middle East, maritime transport through the Strait of Hormuz has declined drastically.
About 20 percent of the total amount of liquefied natural gas (LPG) used in the world circulates through this strait.
US President Donald Trump has acknowledged that there will be an increase in oil prices, but has assessed that this is a "small price" that must be paid in order to eliminate the nuclear threat of the Islamic Republic of Iran.
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