UAE petrol prices to rise in October

Starting from October 1, the German government will reduce taxes on gasoline and diesel by 0.17 cents per litre, according to the CDU/CSU-SPD coalition. Finance Minister Lars Klingbeil, who supports a tax on energy companies, proposes a windfall tax in response to the Strait of Hormuz energy crisis and Russia's invasion of Ukraine.

However, Chancellor Friedrich Merz and Economy Minister Katherina Reiche oppose this idea. The fuel tax cut is expected to cost taxpayers around 2.5 billion euros. EU finance ministers discussed the possibility of implementing a bloc-wide energy company windfall tax in mid-September, with further talks planned for October. This is the second fuel tax cut in Germany since the US-Israeli attacks on Iran, following a previous one from May 1 to June 30.

According to the Independent Monopolies Commission and the Federal Cartel Office, the previous tax cut was mostly passed on to consumers. Merz's decision is seen as a response to the CDU's poor performance in recent state elections, with the party receiving only 5 percent of the vote in Mecklenburg-Vorpommern. Merz is also facing record-low approval ratings of 13 percent.

The chancellor promises a "clear roadmap for 2027," stating that the government is demonstrating resilience and helping citizens, especially those who rely on cars daily.