“We Want to Apply Heavy Artillery Now! But Where is the Evidence?” 0 10

Today, a special bill prepared by the Ministry of Economics was submitted for consideration by the Cabinet of Ministers, which stipulates that the state will effectively seize profits from fuel trading if these profits exceed 3 percent. The goal is to curb the rise in fuel prices and relieve fuel retailers of the desire to increase their earnings amid the fuel crisis caused by the war in the Persian Gulf.

Finance Minister Arvils Ašeradens (“New Unity”) received the Ministry of Economics' idea quite critically. “Essentially, this law is heavy artillery and it can have far-reaching consequences. We must present clear evidence, clear arguments that our actions are justified. After all, the reputation of the state is at stake. We live in a free market environment, and if we limit profits and want to take part of the profits, then we need evidence that we are doing this solely in the interest of society and proportionately,” warned the finance minister.

In response, Minister of Economics Viktor Valainis (Union of Greens and Farmers) stated that if fuel traders follow the rules of the game, they will not have to pay anything. “Right now, we see that three players in our retail fuel market have fuel prices that match to the cent - three digits after the decimal point are exactly the same! Coincidence?! I think this is grounds for the Competition Council to visit these traders,” said the head of the Ministry of Economics.

Prime Minister Evika Siliņa (“New Unity”) noted that she would not like fuel prices to remain the same on April 1, when the decision to reduce the excise tax comes into effect. “The main thing is that the end consumer feels the price reduction,” the prime minister reasonably remarked. Nevertheless, she urged not to rush into adopting this law and to prepare answers to all arising questions.

The bill will be revisited after the holidays.