Taxes on fuels for vehicles and humans alike are going to be increased after the new year, RÚV reports.
The cost of petrol is likely to go up by 10 ISK after the new year, in keeping with rising global oil prices. The average mark-up on oil has actually gone down since the beginning of the year when compared to oil prices on the world market, from a 35% mark-up down to 27%, with a two-year average of 30%. Meanwhile, the price of oil has steadily increased.
The price of alcohol will also be increasing for the fourth time in two years. However, the new increases shouldn’t put too much of a strain on the wallet: there will be a 4% tax raise on wines and a 1% increase on spirits.
RÚV pointed out that alcohol tax has increased by nearly 50% since 2008, in increments of 12.5%, 15%, 10% and then 4%. This new tax increase will translate into a 1.5% price increase on alcohol products in general.