Six EU countries call for a tax on oil companies' windfall profits

Six countries in the European Union, including Germany, Italy, Austria, Poland, Portugal, and Spain, have called for the introduction of a one-off tax on the windfall profits of oil companies. This emerged from a letter signed by the finance ministers of these countries, according to various media outlets.

The letter highlights that oil companies are recording profits and margins on refined products that exceed the increase in crude oil prices. This has prompted the ministers to consider a coordinated intervention at the European level to address the issue of excessive profits in the energy sector.

The ministers emphasized the importance of discussing this proposal during the upcoming meeting of EU finance ministers, scheduled for next month in Dublin. The meeting is expected to focus on ways to redistribute profits and support consumers and businesses affected by rising energy and fuel costs.

In light of a potential deadline for national intervention, the six countries point out that the increased revenue from this tax could be used to fund support measures for citizens and businesses facing rising prices.

Notably, as the August 24 deadline approaches for cutting fuel taxes, pump prices continue to reach new records. This has made the issue even more urgent for the governments involved, who are seeking a common response.

The letter addressed to the Irish colleague, in the capacity of rotating EU presidency, represents a united position of the six member states, highlighting the need for a European framework to tackle the issue, as reported by authoritative sources.