Austria trimming petrol tax to counter Iran war's impact on prices

Austria will temporarily trim a tax on petrol and diesel fuel by 5 euro cents a litre and limit fuel retailers' margins to counter the effect of oil prices driven up by the Iran war, the three-party ruling coalition said on Wednesday.

"We are reducing the petroleum tax and introducing measures to limit margins across the entire value chain. These specific measures will bring the price of diesel and petrol down by around 10 (euro) cents (12 cents) per litre," Chancellor Christian Stocker said in a statement.

($1 = 0.8675 euros)

-Reporting by Francois Murphy; Editing by Andrew Heavens/Reuters