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Romania's proposes 300 mln lei (60.6 mln euro) fuel subsidy scheme for transport cos

Romania's proposes 300 mln lei (60.6 mln euro) fuel subsidy scheme for transport cos Source: pixabay.com

BUCHAREST (Romania), May 3 (SeeNews) - Romania's finance ministry said on Tuesday it is proposing a 300 million lei ($63.7 million/60.6 million euro) fuel subsidy scheme to support some 3,000 transportation companies affected by the steep rise in fuel prices.

The value of the aid granted is 0.5 lei per liter of motor fuel, but not more than the lei equivalent of 400,000 euro ($420,324) per enterprise, the finance ministry said in a press release.

The deadline for submitting claims for compensation is December 1, 2022, while payments will be made until July 31 next year. The state aid will be distributed in the form of grants to economic operators licensed in Romania or in other EU member states, who transport goods or people. This also includes local public transport companies, the ministry explained.

The proposed measure is part of a 17.3 billion lei package of social and economic measures announced by the government in April, aimed to keep consumer prices at bay as the country's annual inflation exceeded 10%. The scheme was developed in accordance with the European Commission temporary crisis framework for state aid measures aimed at supporting economies affected by Russia's aggression against Ukraine.

Once the government approves the aid scheme through a decree, the finance ministry will seek authorization from the Commission to launch it.

Currently, Euro95 petrol sells at 1.586 euro per litre at the pump in Romania, while the price of diesel is 1.766 euro per litre, according to international freight exchange Cargopedia.net.

(1 euro=4.9469 lei)

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