Retail prices for spirits, fuel set to rise in Lithuania

Source: Xinhua| 2019-12-04 05:51:09|Editor: yan
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VILNIUS, Dec. 3 (Xinhua) -- Prices for spirits and fuel are set to rise in Lithuania following the increase in excise duties for 2020 approved by the Lithuanian parliament on Tuesday, local news agency Elta reported.

The amendments to the Law on Excise Duties were approved in a vote of 73 to none with six abstentions.

As of March 1 of 2020, the excise duty on ethyl alcohol per hectoliter will go up from 1,832 euros (2,029 U.S. dollars) to 2,025 euros, leading to an average price increase of around 0.45 euros per 0.5 liters of strong alcoholic drinks.

From Jan. 1 of 2020, the standard excise duty on unleaded petrol will grow by 7.3 percent, from 434.43 euros to 466 euros per 1,000 liters, which will drive the average gasoline price at the pump by estimated 4 euro cents.

The excise tax hikes are expected to generate around 40 million euros in additional budget revenue next year, according to news agency BNS. (1 euro = 1.108 U.S. dollars)