Prime Minister Dimitar Kovacevski today announced that the Government will ask Parliament to reduce the excise tax on fuel and the value added tax on food and energy.

The VAT rate goes down from 18 to 10 percent for fuel and liquified gas. This will help protect living standards of our citizens and keep companies liquid and solvent. The excise tax will be cut based on the market prices, and it will mean about 10.5-11.5 cut in the cost of fuel, Kovacevski said.

Macedonia had a major spike in the fuel prices on Monday, and is bracing for another spike this afternoon.