Germany cuts fuel taxes to offset oil price surges

Consumers and businesses will pay lower fuel prices at the pump for two months. The German coalition government agreed to 1.6 billion euros ($1.9 billion) of fuel price relief to offset an oil price surge triggered by the Iran war. The energy tax on the fuel is diesel and petrol will be cut by 0.17 euros per litre. This relief follows a planned U.S. blockade of Iranian ports and coastal areas that drove up crude prices. Economists and filling station operators warn that oil companies may not pass the tax cut on in full to consumers.