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Expand Energy boosts gas marketing with $1.25 billion Twin Eagle Deal
Expand Energy announced on Monday that it would purchase privately-held natural gas'marketer Twin Eagle Holdings' from Five Point Infrastructure for $1.25 billion in order to expand its marketing business across North America. As the demand for natural gas in the United States is expected to increase, producers are expanding their marketing and logistics operations to gain better margins and greater control over where gas ends up. Twin Eagle, founded in 2010, is an independent natural-gas and power marketer. Its operations include wholesale marketing, asset and logistics management, and analytics. The companies stated that after the completion of the deal, it will operate as a fully owned subsidiary of Expand. Key members of the?Twin Eagle management team, such as Chief Executive Jeremy Davis, will remain with the company. Expand expects to generate an additional $750 million in free cash flow per year from its marketing strategy and commercial activities, which is a 50% increase from its prior target. Twin Eagle sells more than 5 billion cubic feet per day of natural gas and manages 44 billion cubic foot of storage space. Together, the two companies would be able to sell about 14 billion cubic feet of gas each day. According to the companies, the combined company will be able to access 90% of the U.S. natural gas market and that of Canada by gaining access?to key demand centres. The deal will close in the third quarter of 2026. Expand intends to finance?the purchase through a combination of cash on-hand and borrowings from its revolving loan facility. (Reporting by Sumit Saha in Bengaluru; Editing by Shinjini Ganguli)
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EU is urged to take action against unexpected duties on parcels of e-commerce
The European Consumer Federation and a prominent EU legislator are urging the European Commission to make sure that online shoppers do not have to pay?unexpected fees to cover a newly introduced customs duty. The EU introduced a EUR3 fee ($3.41) on low-value ecommerce imports which had previously entered the EU duty-free. BEUC, a group of consumer organizations from 31 European nations, believes that consumers should know the price including taxes. The group found that sometimes duties are only displayed late in the checkout or not at all. This can lead to an unanticipated charge. PostNL and La Poste are two European postal providers who say that the recipient may be asked to pay before delivery. Dirk Gotink (the Dutch lawmaker in charge of the customs files in the European Parliament) complained to EU Trade Commissioner Maros Sefcovic via a letter on July 7th, saying that platforms should be responsible for payments. Gotink stated that consumers should not be charged unexpected fees upon delivery, or as a condition for delivery. BEUC said that in some cases, postal operators charge substantial administrative fees. The BEUC plans to survey consumers over the next few months to gather a complete picture. According to a spokesperson for the European Commission, businesses are legally responsible for customs duties and they should not be collected by consumers. The European Commission said it was closely monitoring the situation. AliExpress and Temu?, two Chinese ecommerce platforms, include customs duty at the checkout. In AliExpress' case it is called an estimate. Shein doesn't, but says it pays all applicable duties. Prices are adjusted accordingly. Some Shein deliveries come from EU warehouses which are not subject to duty. The duty was imposed to limit what the EU called unfair competition by online retailers and a rise in e-commerce parcels up to 5,8 billion in 2025. Rotate, a Dutch aviation consulting firm, says that direct China to Europe cargoer capacity dropped 18% within 48 hours of the duty taking effect. This then moderated to 14% in the first week. Belgium and Hungary, two major entry points for imports via e-commerce, saw steeper drops, while the capacity at London Stansted Airport in non-EU Britain increased by 25%.
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Maguire: The ROI-US Energy Cushion faces a new stress test when Middle East risks are rising again
Since years, the US has become less vulnerable to the turmoil in the Middle East. The United States, as 'the world's leading producer of natural gas and oil, is better protected from supply shocks overseas than it was during previous Gulf crises. The latest escalation between Iran and the Houthis comes at a sensitive time. Energy infrastructure in the U.S. is already being strained by record electricity consumption, summer fuel peak, and growing data center?load. The 'country is still a 'energy-rich country, but the question now is not whether it has an abundance of supplies, but if production can expand fast enough to keep up with demand. This helps to explain why traders and policymakers pay unusually close attention a few key indicators. Together, these indicators provide a measure of resilience in the U.S. Energy System as geopolitical risk in the Middle East is once again at the forefront of energy markets. METRICS KEY Metrics that are closely monitored include crude oil production, natural-gas output, electricity production, refinery throughput, gasoline supply and storage levels of natural gas. Each provides a unique window on the strains across the entire energy system. Crude oil production is a good indicator of whether the domestic supply continues to grow fast enough to offset global disruptions. Natural gas production will reveal whether the fuel that powers much of the U.S. electricity sector can keep up with the rising demand for electricity. The data shows how utilities are working hard to meet the peak summer load from homes, businesses, and data centers. The refinery's throughput and the gasoline production are used to determine if enough fuel is produced for transportation during the busiest driving period of the year. Natural gas storage levels are the ultimate balancing metrics, showing if the system is still able to balance supply and demand comfortably or if the cushion of the system has begun to shrink. These indicators, when taken together, show whether the United States has added spare capacity or resilience to existing infrastructure, or is simply operating it closer to its limit. CRUDE OIL According to U.S. Energy Information Administration data, U.S. crude production is close to a record of 13.8 million barrels a day (bpd). This helps offset external'supply shocks. Baker Hughes reports that only 450 drilling rigs are currently active, compared to a peak of 1,600 in 2014. This means there is still some drilling capacity available if drilling costs improve. This potential for a supply response could help to temper concerns about prolonged oil price spikes resulting from geopolitical disruptions, or tighter global inventory. NATURAL GAS According to the EIA U.S. dry-gas production is close to a record of 111 billion cubic foot per day (Bcf/d), supporting a power industry increasingly dependent on gas-fired generators. The rig count suggests that there is room for growth in the short term, but mature basins and increasing extraction costs may limit long-term supply. The U.S. Gas Markets are well-positioned to meet the rising demand. However, longer-term growth may be more limited than previous cycles. REFINED PRODUCTS Refineries operate at near-record rates, processing over 17 million barrels per day of crude oil. Gasoline inventories are about 9% lower than a year ago, which indicates that fuel supplies are tighter than what refinery activity would suggest. The fact that U.S. refining facilities are heavily geared towards exports is a major factor in limiting the growth of domestic fuel supplies. Fuel costs on several international markets are significantly higher than those in the U.S. The strong demand for exports has therefore limited the amount of inventory that can be accumulated at home as a result of increased refinery activity. GAS STORAGE Storage is a reflection of the balance between demand and supply. Gas inventories in the U.S. are similar to last year's, which indicates adequate reserves. However, near-record LNG imports indicate that underlying conditions may be tighter than data on storage suggests. In the short term, LNG exporters will be able to purchase large quantities of gas due to strong demand in Asia and Europe. This could lead them into a competition with power generators for gas supply. ELECTRICITY GENERATION According to LSEG data, U.S. -power generation has increased by around 2% compared to a year earlier, mainly due the widespread heatwaves and the steadily increasing electricity demand of homes, businesses, and data centers. The increasing power consumption makes it more important to have a reliable fuel supply and adequate generating capacity at peak demand periods. The U.S. energy system continues to grow, but periods of low wind generation, extreme temperature or other operational disruptions may quickly cause a tightening in supply-demand and lead to a greater reliance on gas-fired power plants. In the United States, the amount of spare capacity in our energy system is a key indicator. The Big Picture These indicators together provide a measure of energy resilience in the United States. The overall balance is reflected in the oil and gas production, power generation, refined products, fuel availability, and gas storage. The data indicates that the energy system is well-supplied. As tensions in the Middle East rise and domestic demand continues to climb, these metrics can reveal whether or not the United States has built new resilience - or is simply relying upon ever-thinner margins for spare capacity. These are the opinions of the columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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What has been attacked by Ukraine in its attacks on Russian energy sites?
Ukraine's forces have struck Russia's energy infrastructure, which Kyiv claims is an attempt to deny Russia resources for funding its military. Here is a list of recent attacks and their impact. TYUMEN On July 25, local Russian authorities reported that a?Ukrainian 'drone strike' sparked an fire at the Tyumen Refinery in western Siberia. The fire was later extinguished. The refinery's nominal capacity is around 8 million tons per annum. According to industry estimates, it processes approximately 6 million tons per year, producing 0.5 million tons gasoline and 2.5 millions tons diesel. YAROSLAVL According to President Volodymyr Zelenskiy, Ukrainian forces attacked Russian oil installations in Yaroslavl on July 27. This is about 250 km (160 mi) northeast of Moscow. The refinery at Yaroslavl can process 15 million metric tonnes per year or about 300,000 barrels of oil per day. SALAVAT Industry sources reported that the Salavat Petrochemical Complex, located in Bashkortostan's Urals region, stopped operations on 14 July following an attack by a Ukrainian drone. AFIPSKY A fire has broken out at the Afipsky refinery, located in southern Krasnodar Region of Russia. The cause was drone debris that fell from the sky. The refinery is capable of processing over 9 million tons of oil each year. SYZRAN According to industry sources, the Russian oil refinery Syzran on the Volga River in the Samara Region halted its operations on July 12 after an attack by a Ukrainian drone damaged a primary unit. Ukrainian drones attacked the Rosneft owned refinery on May 21. After the attack, the refinery had to stop operations due to damage caused to a primary processing unit. The refinery had suspended oil refining following attacks on 18 April. The refinery's processing capacity is 8.5 million tonnes per year. According to industry sources, in 2024 it will have processed 4.3 millions tons of crude oil into 800,000 tonnes of gasoline, 1,5 million tons diesel, and 700,000 tonnes of fuel oil. SARATOV Two sources claim that the Saratov oil refinery in Russia stopped processing oil on 9 July after a drone attacked caused damage. The plant will process 5.8 million tonnes of oil in 2024. This is 2.2% of Russia’s total refining production. It will produce 1.2 millions tons of gasoline, as well as 1.9 million tones of diesel, and?1.0million tons of fuel oil. ILSKY On July 10, local officials reported that a drone had attacked the Ilsky oil refinery, located in southern Krasnodar. The design capacity of the refinery is more than 6 million metric tonnes of oil per annum. OMSK On July 6, Ukrainian drones attacked the Omsk refinery, causing a large fire. Governor Vitaly Khodsenko stated that Russian air defences destroyed the majority of drones used in the attack. The extent of the damage to the refinery was not immediately known. The design capacity of Omsk's oil refinery is about 22 million metric tonnes of oil per annum. NORSI According to sources, Ukrainian drones struck NORSI, Russia’s fourth largest oil refinery owned by Lukoil for the second time on July 2. Crude processing was then suspended. The attack damaged CDU-6 which can process 25700 metric tonnes per day. This is 53% of refinery capacity. NORSI is the second largest producer of gasoline in Russia. It can process up to 16 million metric tonnes of oil each year or about 320,000 barrels a day. Local authorities reported that on June 28, Ukrainian drones attacked Russian targets, including the Slavyansk Oil Refinery in southern Krasnodar Region. Slavyansk Refinery is a privately owned plant with a capacity of around 100,000 barrels / day. UFA Ukraine forces attacked an oil refinery a second-time on 1 July in Ufa near the southern Ural Mountains. The refinery is capable of processing more than 7,000,000 tons of oil annually. ORENBURG On June 24, the Ukrainian military announced that it had hit Orenburg's gas processing plant. The plant has a production capacity of 45 billion cubic metres?of gas per annum. MOSCOW According to sources, the operations of an oil refinery in Moscow were halted after a drone attack by Ukraine on June 16. On June 18, a second attack caused damage to processing units and multiple fires. The Kapotnya district in the south-east of the capital has a capacity of 11 million tons per year. TANECO Tatneft Russian's TANECO refinery halted its operations on June 12 after a drone strike. The refinery is equipped with hydrocracking units, catalytic and delayed coking. According to data from the industry, TANECO will process 17 million tons crude oil by 2024. It will produce 2.7 millions tons of gasoline, 8.5 millions tons of diesel fuel, and 1.3?million tonnes of petroleum coke. KUIBYSHEV Rosneft’s oil refinery in Kuibyshev halted production on June 10, following a drone strike. According to industry sources, the refinery will process 4.7 million tonnes of crude oil in 2024. TUAPSE Ukraine attacked a refinery at the Black Sea port Tuapse, Ukraine's military reported on May 27. Officials said that a drone attack on April 28 caused a major fire to break out at the refinery, which forced the facility to cease operations. The plant has an annual capacity of 12 million tonnes and produces fuel oil, naphtha and vacuum gasoil. Ports/Oil Facilities The Caspian Pipeline Consortium ceased receiving oil on July 20 due to the attacks on oil tanks at its Black Sea Terminal. However, it is expected to resume loading oil later on Monday. Kyiv’s security service reported on July 25, that Ukrainian drones had struck the Filanovsky platform of Russian Lukoil LKOH.MM, located in the Caspian Sea. Volodymyr Zelenskiy, the President of Ukraine, said that Ukraine had struck two "Russian oil depots" in the Tver region and Stavropol, which are both located about 500 km away from the frontline. On July 8, Ukrainian drones struck the 'Krasnodarskaya Pumping Station, which is part of the natural-gas supply chain from Turkey to Ukraine via the Blue Stream Pipeline. However, gas supplies did not suffer. Kyiv reported on July 8 that Ukrainian drones had struck an oil pumping facility in Russia's Bashkortostan Region, which is more than 1,500km from the border. Authorities said that Ukrainian drone attacks in Sevastopol (home to Russia's Black Sea Fleet) and Vysotsk, both Baltic Sea ports, caused damage on July 6. Authorities said that a drone strike caused a fire to break out in a loading complex at the Black Sea port city of Novorossiysk. (Reporting and Editing by Toby Chopra).
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Iran claims it still controls the Strait and is not interested in talks after Trump's halt to bombing
Iran announced on Monday that it still controlled the Strait of Hormuz, and was not interested in restarting peace talks with the United States after President Donald Trump stopped a two week bombing campaign?that his top brass had told him ran its course. Trump ended the bombing campaign on the weekend after a '13 consecutive nights of intensifying bombardment that provoked Tehran into firing at U.S. base in retaliation. Iran has said that it will halt its attacks as long as there is a pause in the U.S. bombing. Trump's decision was based on advice from his top brass, who believed that the bombing campaign, which was aimed at breaking Iran’s grip on the Strait, had reached its limits. This is according to reports in the U.S. press and a U.S. government official. Officials in the U.S. told reporters that military commanders informed President Obama that they had run out of targets. The official stated that General Dan Caine (chairman of the Joint Chiefs of Staff) had expressed his concern about the depletion of weapons used for air defence to protect the?U.S. The region has bases. The New York Times and CNN carried similar reports over the weekend that indicated civilian and military advisers had told Trump to stop the campaign. Mike Waltz said that Trump had stopped his campaign on Sunday to give room for negotiation. Esmail Baghaei said, in a televised news conference, that Iran has not requested to resume "peace talks" with the United States. Oil prices fell after the U.S. ended its bombing campaign in hopes that global supplies would resume. Brent crude, the price of which briefly surpassed $100 per barrel for the first since May last week, dropped around 7.8% to just below $90 by Monday morning. Tehran's attempt to show that the U.S. attack had not achieved its goal was a way for it to indicate that they still controlled the most important waterway in the world for the energy markets. IRAN STATE MEDIA SAID SIX SHIPS ARE?TURNED BACKWARD IN STREET The same report was carried by several Iranian state media outlets, citing a "informed" source who said that Iran had stopped six "offending vessels" that attempted to cross its strait on Monday without permission. The source claimed that one of the ships had been involved in "an accident". The source said: "As announced previously, the traffic routes in the Strait of Hormuz are the ones specified by Iran. Other routes are contaminated, and there is no way out." Iranian state media reported this. Trump has launched a new bombing campaign against Iran, after Tehran fired at ships sailing through the strait on a route that the United States has promoted. The United States has instructed vessels to sail near the coast of Oman. Iran claims that ships can only?pass through a channel closer to its coast which it controls, and where it plans to impose a transit fee. In the two weeks that followed, U.S. airstrikes killed dozens of Iranians. They also destroyed military targets and bridges in the south. Iran returned fire against U.S. bases located in neighboring Arab countries, killing four U.S. soldiers. Iran also targeted civilian infrastructure in Gulf states in what it claimed was retaliation against U.S. attacks on civilian targets. Last week,?Iran’s Houthi allies announced a blockade on Saudi Arabia’s oil industry at the Red Sea. This pushed oil prices higher. Trump's goal to break Iran's hold on the Strait is not clear from the U.S.'s halt of the renewed bombing campaign. Washington and Tehran agreed in June to a framework of talks to be held by the end of August, to address major issues like Iran's nuclear program. The sides disagree on the meaning of the language in the memorandum about the Strait of Hormuz. Washington says that Tehran must allow free travel, while Iran claims it gives it the authority to?supervise transit. Iran wants to formalise control of the strait through an agreement with Oman which controls the other side. Over the weekend, a senior Omani delegation was in Tehran to discuss the future of the Strait. According to reports published on Monday by the state media of Qatar, United Arab Emirates, and Saudi Arabia, the foreign ministers from each country had phone conversations to discuss the strait, including with Oman's Badr Albusaidi. Benjamin Netanyahu will meet Trump at the beginning of this week in Washington. Netanyahu launched the war with Trump in February, but hasn't participated in the U.S. and Iranian negotiations to end the conflict.
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Bousso: ROI-Europe is in for a long and cold winter, as fuel buffers are dwindling.
The energy supply in Europe is alarmingly vulnerable as conflicts in the Middle East, Russia and the Middle East tighten the global markets for heating oil and liquefied gas. This has pushed inventories down to dangerously low levels. According to official statistics, natural gas and heating oil make up the majority of Europe's residential heating. Gas accounts for approximately 30% of heating demand, while heating oil makes up roughly 10%. Both fuel markets are likely to be under extreme strain in Europe after years of energy shocks. Gas vulnerability in the region is largely a result of a dramatic?transformation in its energy mix following Russia's full scale invasion of Ukraine in 2020. Europe quickly replaced Russian pipeline gas with LNG and became one of the largest importers in the world of super-chilled fuel. This shift increased Europe's security of energy by reducing its reliance on Russia. However, it also complicated the energy dynamics in the region. Instead of relying solely on long-term flows, Europe competes with Asia and the other regions in an LNG global market where supply disruptions are almost instantaneous. In recent months, this vulnerability has become more apparent. MIDEAST LNG Crunch Europe is falling behind in replenishing its LNG inventory before winter. According to LSEG, underground gas storage facilities are around 55% full at the moment, which is their lowest level since 2021. Since the start of the Iran War, LNG imports to Europe have also slowed dramatically. Kpler reports that imports will be at 6.3 million tons in July. This is the lowest level since September 2024. Asia is a major factor. According to Kpler, LNG demand in the region has increased in recent months. A record 4 million tons from the U.S. was supplied in June and in July. These purchases diverted cargoes from Europe that would have otherwise been shipped. Many hoped that Qatar, which accounted for a quarter of the global LNG supply prior to the conflict when the Strait of Hormuz was briefly opened in April following the U.S./Iran interim agreement on peace, would soon resume exports. The renewed blockade in recent weeks due to escalating tensions between the U.S. and Iran has dashed those hopes. Low inventories, weak imports, and a deteriorating outlook for?supply' are all contributing to a growing level of concern on the European market. Last week, benchmark European gas prices climbed above EUR60 per megawatt-hour. They surpassed their previous Iran War peak and reached their highest level since the beginning of 2023. Prices will eventually rise, bringing more LNG to Europe. Even if imports improve in the next few months, it is likely that the region will enter winter with gas stocks well below the targeted 80% level. THE DIESEL DEVIL Europe is facing similar challenges with diesel, which has become one of this year's most pressing energy issues. Diesel imports are a major part of the region's economy. The fuel is used to power transportation, industry, and heating oil. During the summer, consumers and fuel distributors build up their inventories to prepare for winter. Inventory levels have actually decreased. The Iran War has caused a disruption in Middle Eastern supply routes, resulting in a reduction of diesel exports. Losing those barrels forced consumers to reduce their stock, causing inventories to reach multi-year lows. The European diesel inventory is at its lowest level since 2022. Stocks in the United States, which is the largest diesel exporter in the world, also fell to a 23 year low in May before?recovering around 10% in week ending July 17 according to the U.S. Energy Information Administration. Two of the largest fuel exporters in the world have made policy decisions that have exacerbated this situation. China has limited fuel exports in an effort to conserve its supplies since the start of the Iran War. It is still a huge unknown how it will manage its production and future exports. In July, Russia, the second largest diesel exporter by 2025 in the world, banned diesel exports after constant drone attacks from Ukraine damaged its refinery facilities and reduced fuel availability at home. Before the recent escalation of the war in Ukraine, Russia was shipping almost 1 million barrels a day, or about 12% global diesel exports. The ban has led to a dramatic increase in the refining margins. Recent European diesel crack spreads reached a record high of almost $65 per barrel. These high prices have a tendency to reduce demand. According to the International Energy Agency, diesel demand in Europe fell by more than 6% to 5,53 million bpd in April. The decline in diesel demand may be due to the shift towards gasoline and electric vehicles. However, the persistently high prices are forcing consumers and business to reduce consumption. Even if tensions ease in the Middle East quickly, damage has been done to inventories. The global LNG and diesel market is likely to be undersupplied for several months, as countries build up stocks and compete over limited supplies. This leaves Europe more dependent on a factor that it cannot control, the weather. A mild winter might provide "enough breathing space" to prevent a full-blown crise. A prolonged cold snap that increases heating demand would expose how little room for error there is in Europe's system. The continent is now one winter away from an energy crisis after years of shocks. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Italy is preparing new measures to combat the spike in fuel prices amid fiscal worries
Officials said that the Italian cabinet would adopt new measures to reduce soaring fuel prices on Monday, amid growing concerns about their?fiscal impact. The increase in?energy prices and consumer costs due to the Middle East war has caused major problems for the Italian Government, which is trying its best to protect the purchasing power of households and energy-intensive industries. Officials who didn't want to be named said that the Italian cabinet would meet on Thursday, August 4, at 1530 GMT, to discuss a "new set of measures" focusing on diesel pricing. In March, Italy reduced the ad valorem tax on petrol and diesel in response to a sudden energy crisis triggered by Israel-Iran war. The measure was repeatedly extended and then?progressively reduced, until its expiration on July 3 at a cost of almost EUR2 billion (2.28 billion dollars). The European Commission and the IMF both criticised the reduction in excise duties, saying that Italy should have taken more targeted measures to protect the most vulnerable households. In a Monday statement, the industry ministry said that, on average, fuel prices at self-service stations on 'Italy’s road network are EUR1.982 for a litre of petrol and EUR2.185 per litre of diesel. This is up from EUR1.803 for petrol and EUR1.882 for diesel on July 3.
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Official: Russians attack Ukraine's Mykolaiv Region and kill one person, damage vessels.
A local official reported that Russian drone attacks on port infrastructure were carried out in Ukraine's southern Mykolaiv region early on Sunday and Monday, killing one person. They also damaged three civilian vessels. Heorhii Reshetilov, acting regional governor, said via Telegram that a 48-year-old male had been killed in an attack on port infrastructure Monday morning. In a subsequent?statement, Ukraine's Seaports Authority said that the vessels were blockaded in the port since Russia's full scale invasion?in 2022. They have not been?carrying on commercial voyages. The authority for seaports said that one person died and other people were injured during the overnight strikes. However, it did not give the number of injured. The number of vessels that were attacked was not disclosed. The Russian Defence Ministry announced on Monday that Moscow had struck two ships carrying military cargoes in Mykolaiv. Russia has been bombarding the port infrastructure of southern Ukraine with drones and missiles over the past few weeks, including in Odesa. Ukraine has also increased its attacks on vessels in the Sea of Azov and Black Sea, mainly carrying fuel. This is part of an expanded?campaign to isolate Russia-occupied Crimea while undermining Moscow’s main revenue sources. (Reporting and editing by Tom Hogue, David Holmes and Anna Pruchnicka)
Italy prepares measures to keep fuel costs below EUR2 amid fiscal worries
Italian officials and a leading lawmaker announced on Monday that the cabinet would 'adopt new...measures to curb the soaring fuel?prices.' Concerns about fiscal impacts of such measures are growing. The increase in energy prices and consumer costs due to the Middle East war has caused major problems for the Italian Government, which is attempting to balance state finances and protect the purchasing power of households and energy-intensive industries. The government sources said that the cabinet will meet on Monday evening to discuss new measures, focusing on diesel prices. Further action is expected on August 4th. Massimo Garavaglia of the Finance Committee of the Upper House of Parliament, without specifying a timeframe, told journalists in Milan that the "government" would take action to ensure that diesel and gasoline prices remain below EUR2 threshold. "We are now going to make some adjustments to excise duty to ensure that all Italians have a smooth holiday start. "We will then, as always monitor the situation," said he.
In March, Italy implemented a temporary reduction in?acquisition duties on diesel and petrol as a response to the energy crisis triggered by Israel-Iran Conflict. The measure was repeatedly extended and then progressively'scaled back' until it ended on July 3 at a cost of nearly EUR2 billion ($2.28 billion) to the taxpayers. The European Commission and IMF both criticised the reduction in excise duties, saying that Italy should have taken more targeted measures, to protect the most vulnerable households. This would have had a less impact on Italy's already stretched budget. In a Monday statement, the industry ministry stated that "the average price for fuel at self-service stations on Italy's road system is EUR1.982 per litre of petrol and EUR2.185 per litre of diesel. This has increased from EUR1.803 on July 3 and EUR1.882 on July 3, respectively." The industry ministry said in a statement on Monday that?the average price of fuel at?self-service stations across Italy's road network is EUR1.982?per litre for petrol and EUR2.185 for diesel, up from EUR1.803 and EUR1.882 respectively on July 3.
(source: Reuters)