Average diesel prices at Lithuanian petrol stations fell 2.4 percent on Thursday, or 5 cents per litre, after emergency excise tax cuts came into force.
Diesel currently averages 2.115 euros per litre, while petrol prices dipped 0.7 percent to 1.742 euros, according to the Lithuanian Energy Agency.
The parliament, Seimas, voted on Tuesday to reduce the excise duty for a two-month period to mitigate price spikes triggered by US and Israeli attacks on Iran and Tehran’s response.
Officials previously estimated the tax cut would lower pump prices by approximately 6 cents.
Deputy Finance Minister Lukas Jakubonis previously calculated that approximately 13 million euros in additional VAT revenue collected over two months would be used to offset the price reduction.
Jakubonis noted that the government may consider extending the tax relief if fuel prices remain elevated.
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