January 28, 2023
Europe's emergency measures to deal with rising fuel prices

Europe's emergency measures to deal with rising fuel prices

Europe’s emergency measures to deal with rising fuel prices

European Union (EU) countries have become desperate to deal with the rise in fuel prices. A number of countries have already announced emergency measures to curb rising fuel prices in the wake of Russia’s military operations in Ukraine.

Russia’s fuel supply to Europe has  cut off. The situation may become dire in the coming winter. Before that, European countries are taking urgent steps as a preparation.

Germany has announced a 6.5 trillion dollar spending plan so that people and businesses can adapt to the situation.

German Chancellor Olaf Scholz announced a series of measures on Sunday (September 4) out of fear that fuel prices may rise in the coming months.

Fuel prices in Germany have risen since Russia’s start of war in Ukraine. The people are under the pressure of inflation. 

In such a situation, the country with the largest economy in Europe has taken special initiatives to reduce the pressure of the increase in the cost of living on the people.

The country’s inflation rose to eight percent in August, according to Germany’s central statistics office. Rising fuel prices have played a major role in this. Besides, the price of daily essential food products increased by 16.6 percent in August after increasing by 12 percent in June.

To relieve the people from this situation, the government provided the opportunity to travel by public transport for only 9 euros per month in the last three months. Besides, tax exemptions also given at different levels.

Chancellor Olaf Scholz told reporters after Sunday’s new decision that his government would subsidize 1.5 billion euros to continue low-cost tickets on public transport.

Tax breaks  given to energy supply companies so that they can supply oil, gas and coal to consumers at lower cost.

The government announced two more packages this year to control inflation. One of these was a tax rebate on petrol and the other was the opportunity to travel across Germany on a nine-euro ticket.

Both these packages expired in August. I

In Italy, the government recently approved a $17 billion aid package to protect farmers and the public from rising fuel prices and consumer goods prices.

This is the country’s second major aid package this year. 

Finland and Sweden have announced the same move. The governments of the two countries announced a multibillion-dollar aid package on Sunday (September 4) to deal with the crisis after Russia shut down the Nord Stream 1 gas pipeline.

In this regard, Finland is moving forward with plans for an aid package of about 1,000 billion dollars and Sweden 2,320 billion dollars.