The Ministry of Finance in Romania has published for consultations the draft of emergency measures designed to protect fuel consumers, which envisages reducing the excise duty on diesel and setting up a \u201csolidarity contribution\u201d charged to the domestic crude oil producers \u2013 mainly OMV Petrom. The logic of the solidarity contribution seems to be offsetting the decrease in budget revenues generated by the lower excise duty.<\/p>\n
The ordinance comes on top of a first set of measures, which includes a cap on the commercial markup set for fuel importers, producers, distributors, and retailers, as well as targeted subsidies to fuel consumers in agriculture and transportation.<\/p>\n
The \u201csolidarity contribution\u201d would be charged on revenues obtained from the sale of crude oil and energy products resulting from its processing.<\/p>\n
The regulatory act is intended to mitigate the impact of sudden price increases on the fuel market, caused by international instability in the Middle East and disruptions to global oil flows.<\/p>\n
“Through these measures, we are intervening to limit the effects of rising fuel prices on the population and the economy. The excise tax reduction will directly contribute to lowering the price at the pump, and the solidarity contribution allows for a fair redistribution of exceptional revenues generated in the current crisis context,” explained finance minister Alexandru Nazare, according to Economica.net<\/a>.<\/p>\n Thus, the excise duty on standard diesel fuel (RON 2.8 per litre) is temporarily reduced by RON 0.3\/EUR 0.06 per litre, starting from the date of entry into force of the normative act, for the duration of the crisis on the crude oil and petroleum products market. The measure aims to limit inflationary pressures and stabilise transport and distribution costs, essential for the entire economy.<\/p>\n At the same time, a solidarity contribution is established applicable to economic operators that exploit and\/or process crude oil extracted from the territory of Romania, in situations where the average monthly price of Brent crude oil exceeds the threshold of USD 70 per barrel. The contribution is charged progressively for the revenues exceeding USD 70 per barrel.<\/p>\n