JAKARTA – Polish Energy Minister Milosz Motyka said the Polish government plans to extend regulations on motor fuel prices.

Amid a sharp rise in oil and petroleum product prices due to the Middle East conflict, the Polish government introduced a special program related to reducing fuel costs, called CPN (fuel price reduction).

Initially, the program was limited to April 15, but was later extended until mid-May.

“This is not the right time or time to say that fuel prices in the market are low. Government intervention is still needed here,” Motyka said, as quoted by Radio RMF FM, reported by ANTARA from Sputnik, Saturday, May 9.

The Polish government cabinet will decide on the extension of the regulation early next week, said Motyka. He also added that there was hope that the regulation would continue.

Commenting on the artificial reduction in the price of motor vehicle fuel, which harms the Polish budget by around 442 million US dollars (Rp7.6 trillion) each month, Motyka said his government was able to bear the losses.

Previously, on March 26, Poland recorded the highest diesel fuel price of all time, which rose by an average of 25 cents (Rp4 thousand) per liter during the kick. The latest report shows the national average price of 2.36 US dollars (Rp40 thousand) per liter. Meanwhile, a liter of 95 octane gasoline currently costs an average of 1.94 US dollars (Rp33 thousand), after rising 10 cents (Rp1.700,-) during the week.

After that, the Polish Parliament (Sejm) immediately passed and the president signed the law proposed by the cabinet.

Based on the law, the VAT rate for fuel is reduced to 8 percent from 23 percent; while the excise tax for fuel is lowered to the minimum allowed in the European Union, namely 0.7 cents (Rp1,200,-) for gasoline and diesel. In addition, the maximum retail price for gasoline and diesel is now set daily through an energy minister’s decree.

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