Prime Minister Evika Siliņa (New Unity) has indicated that the planned windfall tax on fuel traders will be “significant,” although it is still too early to specify exact percentages.

Speaking at a joint press conference with President Edgars Rinkēvičs, Siliņa stressed that without such a safeguard mechanism, end consumers may not experience the intended benefits.

In her view, it should not be the case that the state provides additional relief through a reduction in fuel excise duty while consumers fail to feel the impact.

The Prime Minister noted that the exact level of the tax is currently being assessed

to ensure it is fair and appropriate. She also explained that the planned mechanisms are intended to be temporary.

As previously reported, the government on Tuesday reached a conceptual agreement on possible solutions to stabilize fuel prices, including excise tax relief and a windfall profit monitoring mechanism.

A decision on specific regulatory measures is expected to be adopted at the next government meeting.

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