28 Mar, 2022 @ 17:45
1 min read

HELP AT LAST: 20 cent reduction in fuel prices as €16 billion aid package launched in Spain

Spain's inflation rate ends 2024 on 2.8% due to fuel price rises

SPAIN’s government plans to splurge €16 billion to help businesses and households suffering through high fuel and power costs.

The most eye-catching proposal is to reduce the price of petrol and diesel by 20 cents a litre. The government will absorb the cost of a 15 cent reduction, with oil companies contributing five cents per litre.

petrol pump fuel
Fuel prices have soared. Photo: Cordon Press

The measures would initially apply until June 30 and are set to be officially approved by the Cabinet on March 28, with them applying untill June 30.

Spain’s transport sector has been hit by an ongoing truck-drivers’ strike called by independent hauliers in protest at fuel prices, which have soared since the start of the Russian invasion of Ukraine.

Energy bills have also risen sharply in the past few months.

The Spanish government has now joined forces with Portugal to find a way to decouple electricity prices from the the cost of gas.

At an EU summit on Friday the Iberian nations negotiated special regulations allowing them to cap the price of gas.

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Dilip Kuner

Dilip Kuner is a NCTJ-trained journalist whose first job was on the Folkestone Herald as a trainee in 1988.
He worked up the ladder to be chief reporter and sub editor on the Hastings Observer and later news editor on the Bridlington Free Press.
At the time of the first Gulf War he started working for the Sunday Mirror, covering news stories as diverse as Mick Jagger’s wedding to Jerry Hall (a scoop gleaned at the bar at Heathrow Airport) to massive rent rises at the ‘feudal village’ of Princess Diana’s childhood home of Althorp Park.
In 1994 he decided to move to Spain with his girlfriend (now wife) and brought up three children here.
He initially worked in restaurants with his father, before rejoining the media world in 2013, working in the local press before becoming a copywriter for international firms including Accenture, as well as within a well-known local marketing agency.
He joined the Olive Press as a self-employed journalist during the pandemic lock-down, becoming news editor a few months later.
Since then he has overseen the news desk and production of all six print editions of the Olive Press and had stories published in UK national newspapers and appeared on Sky News.

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