EU Countries Seek Common Tax on Oil Profits Amid Middle East Crisis

Six European Union countries are urging their counterparts to consider imposing a common tax on oil company profits, which have surged significantly during the Middle East crisis.

The Finance Ministers of Germany, Italy, Austria, Poland, and Portugal, along with the Spanish Economy Minister, have sent a letter to Ireland's Finance Minister, currently holding the EU presidency.

In the letter, they request that the issue of an extraordinary tax on oil company profits be included in the agenda for the next meeting of EU finance ministers in Dublin.

The ministers argue that oil companies are benefiting from rising prices and high profits in the processing of petroleum products while consumers face increasing costs of living.

'Oil companies are recording high profits and margins on refined products, which exceed the increase in the price of crude oil,' the joint letter states.