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(Bloomberg) — Ireland’s government approved a €250 million ($290 million) package to alleviate the impact of soaring energy costs caused by the Iran war, including a cut to the fuel excise duty.
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The measures will be temporary and targeted, Prime Minister Micheal Martin told reporters in Dublin. They include a cut to excise duty on diesel of 20 euro cents and 15 euro cents on petrol until the end of May.
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“The government must do what is necessary, guarding its fiscal position while maintaining capacity to respond further if needed,” Martin said.
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The package also includes increasing the maximum repayment under the diesel rebate from 7.5 euro cents to 12 euro cents to help mitigate the additional costs for hauliers and transport operators. It will be back dated to January and remain in place until the end of June.
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There will be targeted supports for the most vulnerable including extending a winter fuel allowance for an additional four weeks.
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Countries across Europe have grappled with how to ease the economic effects of the Middle East crisis after the effective closure of the Strait of Hormuz pushed up oil prices. Spain’s government approved a €5 billion ($5.8 billion) aid package including tax reductions on energy, while Italy approved a temporary cut to excise taxes on fuel.
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Ireland’s central bank and fiscal watchdog both previously warned policymakers about the inflationary impacts of supposed one-off measures that lasted for years after the Ukraine war increased energy costs. The Irish economy is already at capacity, nearing full employment and boasting one of Europe’s only surpluses.
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“Ireland is approaching this period from a position of relative economic strength. We have full employment, we have a growing economy, we have rising incomes again, and we have a budget surplus that allows us to act decisively today,” Finance Minister Simon Harris told reporters in Dublin.
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