Taxes on fuel in Romania reach 50% of the price

Oil companies in Romania pay taxes amounting to 52% of the price of gasoline and 48% of the price of diesel fuel. Romania is thus in top 10 countries with the highest tax level on this segment out of 24 countries including in a study by UHY, an international network of accounting and financial consultancy experts. In Europe, taxes on gasoline represent 59% of the price, compared to a world average of 50%. Taxes on diesel fuel in Europe represent 52% of the total costs compared to an average of 44% worldwide. The high taxes on fuel impact almost all companies and can affect Romania’s economic growth, according to UHY specialists. Moreover, the fact that taxes on fuel are higher in Romania than the world average affects the competitiveness of local companies. Finance minister Eugen Teodorovici said recently that the Government ponders eliminating the extra excise on fuels, which hasn’t had the expected effect in terms of budget revenues. editor@romania-insider.com