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“Ensuring that this financial burden is shared equitably is crucial,” the statement emphasized.
Previously, the European Union introduced a “solidarity contribution,” which included limits on excessive energy profits.
“In light of the ongoing market imbalances and financial limitations, the European Commission is encouraged to promptly establish a similar EU-wide contribution mechanism,” the letter suggested.
It further stated, “This would clearly demonstrate that those benefiting from wartime circumstances have a responsibility to help alleviate the strain on the general populace.”
Fueled primarily by rising oil prices, the annual inflation rate across the 21 euro-using countries increased to 2.5% in March, up from 1.9% in February.
Iran has blocked most tanker traffic through the Strait of Hormuz — a chokepoint for about 20 per cent of global oil and gas — in a move that threatens to stress fuel markets for months.
European Union Energy Commissioner Dan Jorgensen warned this week that disruption caused by the closure means fuel prices are unlikely to “go back to normal in a foreseeable future.”
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