Energy Will Continue To Be Subsidised, Minister Reveals

During the unveiling of Budget 2024, Finance Minister Clyde Caruana revealed that at the cost of another €350 million for Malta, energy will continue to be subsided.

Energy subsidies when it comes to electricity and fuel will be granted, €320 million will be spent by the government, with the total amount climbing up to €350 million.The Minister highlighted how never in history has there been such a large boost on fuels. Every €5 out of €100 spent by the government will be used to subsidise energy. This makes it the most important measure, the Minister emphasised.

A business in Malta is paying 20c a unit. Compared to Italy or Germany, a unit costs approximately 40c. If these subsidies are not issued, the government forecasts that it will wreck the finances of most businesses.

Meanwhile, a middle income family in possession of 2 cars with a normal consumption of electricity and water will be saving €1,300 yearly on fuel and €700 on electricity.

Minister Caruana also highlighted that there won’t be a tax cut on COLA increase, but the government will help through subsidies aforementioned.

#MaltaDaily