Serbia to cut excise duties on crude oil, President Vucic says

Serbia will cut excise duties on crude oil by a cumulative 60% to calm the local market and offset effects of the Israeli-U.S. war with Iran, President Aleksandar Vucic said. The measure should ease domestic fuel prices and near-term inflationary pressure but will reduce government excise revenue and is unlikely to move global oil markets materially.

Analysis

Serbia will cut excise duties on crude oil by a cumulative 60% to calm the local market and offset effects of the Israeli-U.S. war with Iran, President Aleksandar Vucic said. The measure should ease domestic fuel prices and near-term inflationary pressure but will reduce government excise revenue and is unlikely to move global oil markets materially.