By Guest Writer • 14 April 2022 • 12:15
The Chief Minister presents budget each July
Credit: Gibraltar Government
EXPECT queues for petrol as Gibraltar slashes duty until end of June (just before the budget) as Spanish drivers are likely to pop over the border to fill up.
When the Russians first invaded Ukraine and fuel prices shot up, for a few days Gibraltar petrol stations saw Spanish registered cars flocking into Gibraltar to purchase much cheaper fuel.
Within a matter of days however, prices on the Rock had risen sufficiently to make it less attractive for drivers to have to queue to get in and out with the length of time involved negating the slight saving.
This could all change however as with effect from today, April 14, the Gibraltar Government has reduced the duty of diesel and petrol (but this does not affect the price of marine fuel).
The duty on both diesel and petrol is reduced to 25p per litre, meaning that the reduction is;
Diesel goes down by 15p, diesel premium goes down by 12p, petrol 95 goes down by 13p and petrol 98 is reduced by 12p per litre.
Recently, the average price of petrol 95 was around £1.35p (€1.61) per litre so there will be savings when compared to Spain, assuming that the petrol stations on the Rock pass on the entire reduction to drivers.
The Chief Minister Fabian Picardo said: “We are taking steps to reduce duties and to help consumers with this reduction of duties in fuels, and we expect petrol stations to pass this on to their customers.
“We want to help where we can and this measure is one where we consider the help, we provide may also drive-up revenue for Government from this source of duties.
“We are conscious of the steps being taken in neighbouring Spain on fuel duties and subsidies, and we are responding to that also through these measures.
“This year’s Budget will be a tough one, with no give-aways, and I am timing the period of this reduction towards the traditional dates of our Budgets, so I can then take a view of whether to reverse, increase or reduce this measure as I may be advised is appropriate then.”
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