The government’s race against high fuel prices enters a decisive phase. On Friday, Prime Minister Giorgia Meloni and Economy Minister Giancarlo Giorgetti decided to accelerate. According to what is known, two measures should arrive this week. The first will be a ministerial decree that uses the extra VAT revenue from June, while the second will be a decree-law with more robust coverage to obtain a discount at the pump that should remain operational until August 10. At a later stage, when it will be possible to quantify the higher revenues linked to the trend of July prices, the mobile excise duty mechanism would be activated to renew the cut for another period.
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Petrol and diesel, two decrees expected
The objective is to differentiate the intervention between petrol and diesel. Current assessments aim for a reduction of around 6 cents per liter for petrol and about 24 cents for diesel, in order to have a greater impact on the fuel most sensitive to market fluctuations. However, the decisive issue remains that of coverage: while the executive works on the texts, prices continue to rise and diesel is once again approaching the record levels of 2022, those reached during the energy crisis triggered by the Russian invasion of Ukraine. The last extension of the discounts expired on July 3, and since then the situation has become more complicated. The memorandum between Iran and the USA did not produce the hoped-for stabilization, and new tensions in the Middle East, with bombings and critical issues along the Hormuz routes, have reignited pressure on oil markets with an immediate effect on distributors.
Numbers continue to grow
The numbers also illustrate the situation. According to the Mimit Price Observatory, the national average self-service price has risen to 1.979 euros per liter for petrol and 2.180 euros for diesel. On motorways, average values reach 2.069 for petrol and 2.249 for diesel. But the averages do not fully reflect the real increase. Codacons reports much higher cases, such as in Milan where a distributor in a residential area reportedly reached 2.635 euros per liter for petrol, and on some motorway sections where diesel exceeds 2.700 euros (e.g., on the A21) and petrol approaches 2.600 euros.
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Additional costs
Meanwhile, estimates from consumer associations and economic observatories indicate a heavy impact. In July and August alone, spending could increase by 1.9 billion compared to last year, while the Cgia of Mestre forecasts almost 29 billion in additional costs for electricity, gas, and fuels. The Minister of Enterprises Adolfo Urso reiterates that the government is evaluating multiple instruments, recalling the mobile excise duty mechanism based on extra VAT revenue as one of the solutions available, and promising timely intervention.
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