– Fuel prices have skyrocketed until 2022. Many households and businesses see high fuel prices as a major challenge. Reduced fuel taxes will make everyday life a little easier for households and businesses, and will also be of great importance especially for the construction industry, says Finance Minister Trygve Slagsvold Vedum.

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Road tax on fuel is reduced by a total of NOK 1,88 billion.
Higher a tax on CO2 emissions in road traffic increases revenues countries by NOK 1,26 billion. The net tax reduction on road fuel will therefore amount to over NOK 600 million.

Reduction of fuel taxes in the 2023 budget

Abolition of basic tax on oil oil means a relief of NOK 1,95 billion. A higher CO2 tax on non-road machinery increases state revenues by NOK 390 million, including a new rate for those subject to quotas. The net tax reduction on fuel for non-road machinery (agricultural and construction machinery and industry) will therefore amount to approximately NOK 1,56 billion.

“The government has announced that we will cut taxes that affect most people, such as electricity and fuel taxes. The reduction in fuel taxes in the 2023 budget is a direct continuation of the government's tax policy, says Vedum.

The government increases the requirement to trade biofuel in road traffic from 15,5 to 17 percent. In addition, a new turnover requirement for biofuel for non-road machinery is introduced, which is 10%. Increased sales of biofuels to replace fossil fuels will reduce greenhouse gas emissions, which is estimated to more than offset the effects of tax cuts.

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Source: regjeringen

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