Fuel prices to drop 20 cents per litre

Fuel prices are to be cut by 20 cents per litre from April 1 for private road users Pedro Sánchez  announced today, March 28, in Madrid.

The measures are among a raft of others to reduce the cost of electricity, fuel and rents until June 30.

Spanish Prime Minister said the cuts were to alleviate the consequences of the Ukraine war and will be approved on Tuesday, March 29, by the Council of Ministers.

Among the announcements it was pledged that exisiting tax reductions on electricity will remain in place until the end of June.

Additional measures to lower the price of electricity will be in put in place. An estimated total of 1.8 billion euros is to be freed up with temporary changes to charges in the gas and renewable sectors which will be used  to reduce electricity bill charges.

Rent adjustments during the next three months will also be capped at 2%.

The new measures were agreed after an intense week of negotiations between PSOE and Unidas Podemos.

The plan will mobilise 16 billion euros: 6 billion euros in direct aid and tax rebates, and 10 billion euros in credits through the Official Credit Institute.

Announcing them at the third  Generation of Opportunities event in Madrid, Sánchez said: “Stopping the war is not in the hands of this or any European government, only Putin, who we hope will be tried for his crimes.

“We cannot promise that the effects of war will not be felt. But we will work to protect businesses and workers and ensure that the burden is shared fairly.”

A 20 per cent drop in fuel costs was presented to striking lorry drivers on Thusday, but was rejected.

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Written by

Fergal MacErlean

Originally from Dublin, Fergal is based on the eastern Costa del Sol and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.