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Oil price to go up 3.5 dinars in 2018

Oil price to go up 3.5 dinars in 2018
From the beginning of the new year, the FYRO Macedonia's government proceeds with the increasing by three dinars of excise duty for a liter of oil.

Together with the calculated VAT, the price of a liter of diesel (diesel) will be increased by a total of 3.54 dinars. A similar increase will also be made for heating oil.

Finance Minister Dragan Tevdovski said on Thursday that an increase in excise duty on oil would bring about EUR 32 million a year to state funds.

"With this increase, there will be more money for road construction, and there will be no need for additional borrowing beyond what is planned", Tevdovski added.

FYROM's finance minister does not expect that this increase in excise duty on oil will cause inflationary pressures on the market.

Today, the price of a liter of diesel is 52 dinars (0.85 euros).

VMRO-DPMNE's main opposition party, Nikola Gruevski, accused the government of "tax policy" and said the increase in excise duty would inevitably lead to increases in many other products.

With regard to taxation, FYROM's Finance Minister said that changes to the tax system by adopting an income tax scale (instead of a uniform 10% tax rate today) will be implemented as of January 2019./IBNA

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