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Austria Expands Fuel Price Brake on Motor Fuels

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Austria's new fuel price brake is expected to reduce motor fuel prices by more than 12 euro cents ($0.14) per liter in October and November, the Federal Chancellery said Wednesday, as the government moves to cushion consumers from higher oil prices.

The measures will include a 6.7-euro cent-per-liter cut in the mineral oil tax, bringing the diesel tax down to the EU minimum.

Austria will also impose a 3.5-euro cent-per-liter cap on retailers' margins. The measures will reduce the amount of value-added tax collected on fuel, bringing total expected relief to more than 12 euro cents per liter, the chancellery said.

The fuel price brake, introduced in April, originally combined a cap on retailers' margins with a fuel-tax cut worth a total of 10 euro cents per liter. Chancellor Christian Stocker said the escalation in the Middle East had pushed up fuel prices and that the measures would help lower pump costs, Reuters reported.

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