EU Seeks Energy Price-busting Strategy amid Ukraine Crisis

EU Seeks Energy Price-busting Strategy amid Ukraine Crisis

European states are urgently seeking policies to stem the energy inflation tide amid conflict in Ukraine which has sparked price hikes -- notably of oil, which has soared past $100 a barrel.

As companies and consumers alike labor under the strain with food and energy prices soaring to multi-decade highs, governments are pondering what means they have at their disposal to react and lessen the pain, AFP said.

The policy arsenal includes trimming energy taxes and prices, along with targeted state support with some economies across the continent suffering a heavier burden than others.

The European Commission said at the start of this month it could extend a suspension on rules on budgetary rigor through to next year as several EU states urged a common response to the war's financial fallout, on the heels of that wrought by the pandemic.

- Each to his own -

Sweden, whose fuel taxes are the highest in Europe, on Monday announced a temporary tax cut of 1.30 krona per liter ($0.13/12 euro cents) as part of a $1.5 billion package of measures.

Belgium and the Netherlands have meanwhile elected to cut VAT on fuel -- natural gas, electricity and heating-- and also trim fuel taxes to cut pump prices.

Belgian