Repsol trims product prices to ease VAT bite

Repsol cut prices of gasoline and diesel at its Spanish service stations to ease the effects of a value-added tax (VAT) hike that took effect Sept. 1.

Repsol cut prices of gasoline and diesel at its Spanish service stations to ease the effects of a value-added tax (VAT) hike that took effect Sept. 1.

Facing deteriorating fiscal conditions, the Spanish government raised the general VAT rate to 21% from 18%.

Resol said its action would trim the new burden on buyers of its products to 1.90 euro cents/l. from 3.80 euro cents/l.

“The measure allows Repsol to help its customers and share in the efforts needed to overcome the current economic crisis,” the company said in a press statement.

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