Regional Government reduces Tax on Petroleum and Energy Products - Communication

Secretaria Regional das Finanças, Planeamento e Administração Pública

The Regional Secretary for Finance, Planning and Public Administration, Duarte Freitas, announced at the Legislative Assembly of the Autonomous Region of the Azores that the Regional Government will proceed with a reduction in the Tax on Petroleum and Energy Products (ISP) to curb fuel price rises in the Region.

The measure is expected to be reflected in the next price update in April and comes against a backdrop of significant instability in international markets, exacerbated by the conflict in the Middle East.

The government official explained that the aim is to “curb the rise in fuel prices” and ease the pressure on Azorean households and businesses.

In addition to this decision, Duarte Freitas acknowledged that the Government is keeping a close eye on interest rate trends and has not ruled out the possibility of reactivating the Credithab programme. In this regard, he stated that he is “considering the possibility of reactivating” this support mechanism should there be abnormal increases, as a measure aimed at helping families who are finding it particularly difficult to meet their housing costs.

Regarding the cost of living, the Regional Government will also step up the monitoring of prices for essential goods. Such monitoring, which had been carried out on a quarterly basis, will now return to a monthly schedule.

According to the Regional Secretary, this change will ensure a “swifter response to any abnormal fluctuations” in prices, particularly at a time marked by energy market volatility.