The German government announced it will reduce the tax on gasoline and diesel by 17 euro cents per liter starting from the beginning of October.

Previously, Friedrich Merz, the German chancellor, had promised that assistance would be provided for consumers and businesses that have been harmed by the sharp rise in fuel prices.

According to a government statement, this measure will continue until the end of the year and will reduce taxes by a total of 2.5 billion euros.

The war in the Middle East has caused a 45% increase in oil prices in global markets, bringing them to $103. The price of one liter of standard “E10” gasoline in Germany has reached a record 2 euros and 28 cents.