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Tax hike sends wrong signal
05/04/2009
The push by consumer nations for lower oil prices to help spark an economic recovery may be undermined when crude-producing nations see those governments take advantage of oil price reductions to ratchet up taxes on refined products, particularly in Europe.Changes in the UK’s taxation policy indicate the producers have grounds for such suspicions, said Paul Horsnell, a managing director and head of commodities research at Barclays Capital in London. “Last November, the duty on gasoline in the UK stood at 50.35 pence/l. Changes in December and earlier this month brought it up to 54.19 pence/l. as of [Apr. 19], which at current exchange rates is the equivalent of $125/bbl [of ga...
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