The increases in fuel prices" at the beginning of 2024 are consistent with the dynamics of international prices".
This is what the Guarantor for price surveillance, Benedetto Mineo, indicates in the memorandum delivered for the hearing to the Finance Committee of the Chamber as part of the fact-finding investigation into VAT and excise duty evasion on fuel.
"The current levels of the theoretical gross distribution margin - i.e. the difference between the pump price net of taxes and the international quotation - are in line with the average values of 2023 and far from the peaks recorded in the summer of 2022 (when the distribution margin petrol was almost 10 cents per liter higher than at the beginning of 2024)".
"After the increases in fuel prices observed in the summer months originating from the upward dynamics of international prices and the consequent peak at the pump reached in mid-September 2023 (for petrol 2.00 euros per liter and for diesel 1.94 euros per litre) in the last quarter of the year there was a price reduction of over 20 cents for both petrol and diesel", explains Mr.
Prezzi.
"In the first part of 2024 - the guarantor notes - we are witnessing a recovery in international prices and consequently in prices at the pump. On 26 February 2024, data from the fuel price observatory of the Ministry of Business and Made in Italy show a price at the pump: for petrol, 1.86 euros per litre, up by +8 cents compared to January 1st and with an overall reduction of -14 cents compared to the peak in mid-September; for diesel, 1.83 euros per liter with an increase of +9 cents compared to January 1st and an overall reduction of -11 cents compared to the peak in mid-September".
Mr. Prices, taxes weigh 57% on petrol prices, 52% on diesel
"The weight of the tax component in Italy, overall excise duty and VAT, on the price at the pump is currently around 57% for petrol and around 52% for diesel".
This was noted by the Guarantor for the surveillance of prices, Benedetto Mineo, in the memorandum submitted for the hearing to the Finance Committee of the Chamber as part of the fact-finding investigation into VAT and excise duty evasion on fuel.
"In particular, there is an excise duty equal to 728 euros per 1000 liters for petrol (with a weight of approximately 39% compared to the current pump price) and equal to 617 euros per 1000 liters for diesel (equal to approximately 34% of the current pump price). For both fuels the VAT is 22% (with an impact on the final pump price of 18%). The average European excise duty is equal to 540 euros per 1000 liters for petrol and 428 per 1000 liters for diesel", specifies Mr. Prezzi.
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