.jpg)
43 minutes ago
2
Article content
(Bloomberg) — Italy is set to extend its energy relief measures, with Industry Minister Adolfo Urso saying the support would remain in place as long as the Iran war pushes up fuel and energy prices for households and businesses.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
“Given a crisis that could last for months, we intervened promptly — even before other governments — with monitoring measures across the distribution network, and we will continue on this path until the emergency ends,” Urso told reporters on Friday, ahead of a cabinet meeting where the decision will be taken.
Article content
Article content
Article content
The comments come as Prime Minister Giorgia Meloni’s government is seeking fresh resources to finance extending the cut to petrol levies it introduced in March. The measure has cost around €1 billion ($1.16 billion) since March, according to Bloomberg calculations, and expires on May 22.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The situation is particularly sensitive for heavy transport operators, who have threatened strike action over rising fuel costs, and Urso said the new decree would include support for the trucking sector.
Article content
The previous measures lowered pump prices but failed to stem the broader jump in wholesale fuel prices. Many long-haul operators buy fuel through wholesale contracts, limiting the immediate benefit of excise-duty cuts. Unatras, the main umbrella group for Italian road haulers, has threatened a nationwide strike from May 25-29 unless the government steps in to help.
Article content
Countries like Italy and Spain have been pushing the European Commission, the EU’s executive arm, to relax spending rules as the Iran war has snarled global supply lines for crucial supplies, including fuel.
Article content
“The European Commission must also act in time, because if action is not taken in time, then the cost of the recovery is far greater,” Urso said. He declined to give further details on the impending cabinet decision.
Article content
Advertisement 1
English (US)