Published on
Germany, Italy, Spain, Portugal and Austria have asked the EU for energy companies to help alleviate the burden on consumers and taxpayers triggered by the war in the Middle East, using the extra profits that companies are accumulating thanks to rising fuel prices.
The five Ministers of Economy and Finance wrote this in a letter addressed to EU Climate Commissioner Wopke Hoekstra, pointing out that actions taken at national level on excise duties must be accompanied by a joint effort.
“Given the current market distortions and fiscal constraints, the European Commission should swiftly develop an EU-wide contributory instrument, based on a solid legal basis,” the five ministers argue, reiterating a request made during the Eurogroup meeting of 27 March 2026, where “we supported and promoted measures to tax the extra profits of energy companies. A similar instrument has already been introduced in 2022”.
The missive points out that the conflict in the Middle East has caused oil prices to rise, putting a burden on the economy: “It is important to ensure that this burden is distributed fairly. Such a European solution would act as a signal to citizens and the economy, showing that we are united and able to act.”
Fuel prices have risen dramatically across Europe due to the war, with Germany, Italy and Spain amongst the most affected countries.
Earlier, the idea of suspending the EU’s Stability Pact to give governments more leeway to deal with the crisis and a possible recession, was rejected by the European Commission.
Read the full article here