Key facts
- Petrol prices in Italy have reached over €2.60 per litre in Milan and on motorways.
- The increase follows the end of excise duty cuts on July 3.
- Consumer groups estimate Italians will spend €10.8 billion on fuel this year, nearly €2 billion more than last year.
- Households and businesses may face an additional €13.6 billion in costs for electricity, gas, and fuels.
- The Italian government is considering a variable excise duty to lower fuel prices.
Fuel prices in Italy have surged, with petrol reaching over €2.60 per litre in Milan and on certain motorways, sparking widespread concern. The price increases are largely attributed to the expiration of excise duty cuts on July 3. Opposition parties and consumer associations are sounding the alarm, warning of significant financial strain on families and businesses. Codacons estimates that Italians will spend €10.8 billion on fuel this year, an increase of nearly €2 billion compared to the previous year. Similarly, the Cgia di Mestre research office projects that households and businesses will face an additional €13.6 billion in spending on petrol and diesel, a 20.4% rise. Prime Minister Giorgia Meloni and Minister for Business Adolfo Urso are reportedly developing measures to control prices, including the possibility of a variable excise duty. This mechanism would allow duty rates to decrease in line with higher VAT revenue collected as prices rise. However, the implementation depends on calculations from the Economy Ministry regarding surplus VAT, expected next week. Opposition leaders, including Elly Schelein of the Democratic Party and Giuseppe Conte of the Five Star Movement, have criticized the government's response as insufficient and called for more substantial interventions, such as utilizing windfall profits from banks and energy companies, and demanding increased investment from Europe.