Italy Considers Extending Fuel Excise Duty Cuts Beyond May 1

Italy is debating a further extension of fuel excise duty cuts beyond May 1, Prime Minister Giorgia Meloni confirmed, to shield households and businesses from rising energy costs amid global supply risks. The government has already spent about €700 million on reductions for petrol and diesel over roughly 40 days, with the new period potentially shorter and targeting diesel more heavily. Rome has earmarked nearly €1 billion ($1.17 billion) for hiring tax breaks and urged the EU to allow budget flexibility for energy support, citing U.S./Israeli-Iran tensions. This could ease Italian pump prices and inflation but underscores oil market vulnerabilities supporting global price risks.