Germany Cuts Fuel Taxes Amid Ongoing Middle East Conflict
The German government is set to cut fuel taxes for vehicles in an effort to ease the financial burden on motorists amid surging prices caused by the ongoing Middle East conflict.
According to sources close to the government, the proposed measure would run until the end of the year, after which a ceiling price on fuel sales would be implemented.
The move comes as Europe's largest economy grapples with rising petrol prices due to the war between the US and Iran. The conflict has restricted Gulf crude exports through the Strait of Hormuz, while Yemen's Iran-backed Houthis have targeted an alternative export route through the Bab al-Mandab Strait.
Saudi Arabia's national oil company Aramco has informed at least two European refineries that they will not receive oil shipments next month, exacerbating the supply shortage.