The retail price of fuel at the end of March compared to the end of February was up about 30% nationally, notes Latvian portal Delfi. In this context, the Ministry of Economy explained that the draft law was designed to mitigate the negative impact on the Latvian economy of a sharp rise in the price of oil products.
The funds will be used to provide additional financial resources in the state budget to strengthen the security of the state fuel supply. It will also cover the costs of the benefits of a 15% reduction in excise duty on diesel fuel, which were adopted by parliament last week.
The co-payment is planned to be introduced as a temporary mechanism, which will be applied only if the retail price of fuel significantly exceeds changes in the price of oil products on world markets.
In particular, the obligation to pay the solidarity contribution for fuel retailers (gasoline and diesel fuel) will arise if their retail price exceeds the indicative price by more than 3%.
Earlier Logos Press reported with reference to Delfi, that the Baltic States temporarily reduce excise duty on diesel fuel by 15%. The measure should lead to a price reduction of 8.6 cents per liter.
