The Croatian government on Monday adopted a regulation reducing excise on motor gasoline and diesel fuels by HRK 0.15 per litre in an attempt to cushion the harmful effect of crude oil market instabilities on the retail prices of oil products, the government said in a press release.
The regulation will become effective on the day of publication in the National Gazette.
The government also amended a decision on the fee financing the work of the agency for mandatory oil and oil products' stockpiles in 2011. The decision rescinds the fee on diesel fuel used by the industry sector until December 31.
Finance Minister Martina Dalic told reporters after the closed government session the excise cut would reduce budgetary revenues by about HRK 25 million a month.
She said the government concluded that it could withstand the reduction given that it was the beginning of the year.
Dalic said the government would consider the possibility of returning the excise to the amount before today's cut if and when oil prices stabilised and started declining again.
