German government reduces fuel costs
The German government announced tax cuts on fuel prices that will be in effect from October 1st until the end of the year, in an attempt to lower prices ahead of the local elections. The government is also considering setting a cap on fuel prices by January 2027, following discussions with the oil industry, to address the repercussions of rising fuel prices linked to the war in the Middle East and the closure of the Strait of Hormuz. This comes amid negative impacts on the German economy, particularly on the ruling coalition.
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