Spain: Minister of Economy, Carlos Cuerpo, announces a package of fiscal measures to limit the impact of the war in the Middle East on local electricity and fuel prices.

The Spanish Minister of Economy, Carlos Cuerpo, announced on Thursday a package of fiscal measures aimed at mitigating the impact of the war in the Middle East on local electricity and fuel prices.

This comes in the context of alarming price increases, with a jump of over 25% in diesel, amid hostilities between the United States, Israel, and Iran, which have led to the closure of the Strait of Hormuz, a crucial point for oil and gas exports. Cuerpo emphasized that the fiscal measures will be similar to those implemented in 2022, which had a positive effect on moderating prices.

Specific aid will also be provided for the already affected agricultural and transport sectors. The minister assured that Spain is far from the economic situation of 2022, when inflation exceeded 10%, due to the diversification of energy sources, with 56% of the national energy mix coming from renewable sources.