North Macedonia on Sunday cut the value added tax (VAT) on fuel by nearly half to curb pump prices due to the war in the Middle East, the government said.VAT on petrol and diesel will be reduced from 18 to 10 percent, Prime Minister Hristijan Mickoski told journalists after a government session over the issue.
With the two-week measure, which enters into force Monday at midnight, "we expect the price of petrol to remain unchanged, while the price of diesel would increase by around three to three and a half denars (0.04 to 0.05 euros, $0.05 to 0.06) per liter", he said.
In the Balkan nation, the price per litre of petrol and diesel were around 1.40 and 1.49 euros ($1.62 and 1.72) respectively on Sunday.
Global oil markets ended higher Friday, although they remained below the $120-per-barrel threshold which has been approached multiple times since the conflict began three weeks ago.
