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ARCHIVED - Spain unveils plan to reduce fuel and electricity costs

ARCHIVED ARTICLE

Petrol will drop 20 cents for everyone in Spain and the measures should “immediately” result in cheaper electricity bills

<span style='color:#780948'>ARCHIVED</span> - Spain unveils plan to reduce fuel and electricity costs

Spain’s President Pedro Sánchez has announced a battery of measures, which will be put before the Council of Ministers on Tuesday March 29, aimed at reducing the burden that the war in Ukraine has had on consumers. Among these is a plan to lower gas and electricity bills as well as fuel costs.

“We are going to go out of our way to mitigate the effects as much as possible so that no sector, let alone the vulnerable, feels unprotected,” Sánchez said, before outlining his plan, which focuses on six key areas and will remain in effect at least until June 30.

The price of petrol and diesel will be reduced by 20 cents per litre for all citizens, not just professional drivers. Fifteen cents of this discount will be subsidised by the Treasury while the remaining five cents will come from oil companies.

Rental increases for the next three months will be limited to 2% and to help the most vulnerable families, the amount of the Minimum Vital Income benefits to ensure living standards will be increased by 15%.

Objective dismissals will once again be prohibited and the government will make it easier for struggling companies to apply ERTE.

Although the President has yet to announce the final figure, the government plans to put a “cap” on the price of gas for the production of electricity given the “exceptional” circumstances, which should “significantly lower electricity prices immediately.”

Mr Sánchez has already submitted this proposal to Brussels for approval, and it is expected to be given imminently “and the next day it will be published in the BOE with immediate effects on the electricity bill.”

In addition, a new remuneration regime for renewable energy (RECOVE) has been advanced that, according to President Sánchez, will mean a reduction of 1,800 million and that will also reduce the final price of electricity “which will relieve citizens and industries.”

Pending its final approval tomorrow, the plan provides for the direct distribution of 1 billion euros in aid to the transport sector, as well as funds for the agriculture, livestock and fishing sector.

Finally, the president has also announced a new national cybersecurity plan, with an investment of more than 1 billion euros.

Image: Archive

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