European Union finance ministers agreed on Tuesday to subsidize fuel prices for citizens and offer support to companies hit by rising energy prices resulting from the war in Ukraine, French Finance Minister Bruno Le said. Maire.
“The strategy is based on three key aspects. First, support for all families affected by the sharp rise in fuel prices. We have done this in France and many other European countries have done the same, or are considering doing so,” he said. Le Maire.
The second measure of support is to help companies most affected by the rise in gas prices, exposed to international competition or the Russian market.
The third is the diversification of energy sources to make the EU independent from Russia, the bloc’s biggest energy supplier, responsible for 45% of the gas used, more than a quarter of the oil and half of the coal.
European Commission Vice President Valdis Dombrovskis said EU countries can finance this investment with very cheap loans available under the bloc’s recovery fund that remain untapped.
The increase in the price of oil and its effect on the price of fuel and energy has caused a wave of containment measures around the world: governments are cutting taxes on the commodity at a time when public opinion was sensitized towards the use of fossil fuels, one of those responsible for the climate crisis.
Although the war in Ukraine has worsened the situation, the tax cuts, as well as price increases, predate. In Brazil, members of the government are trying to reach a consensus on what complementary measures will be adopted to contain the rise in prices at pumps.
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