Budapest (MTI) – The Socialist Party will submit to parliament a proposal to scrap a new tax plan that ties excise tax on vehicle fuel to global energy prices.
According to the law that enters into force on September 1, excise tax on fuel would rise by 10 forints for diesel and 5 forints for petrol if the global price of Brent crude drops below 50 US dollars. If the global price rises above 50 dollars, the tax will go back to the original amount.
The tax levels will change each quarter based on the global fuel prices of the last day of the quarter.
The Socialists said motorists would lose out on the tax plan no matter how the prices change.
The party said the plan was a “brazen” move by ruling Fidesz, arguing that when they were in opposition they were demanding cuts in fuel taxes despite rising global oil prices and are now preparing to raise taxes while prices are falling.
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