German Finance Minister Lars Klingbeil is reportedly studying the possibility of introducing an “excess‑profit tax” on the crisis‑era gains of major oil companies. According to “Der Spiegel”, the aim would be to benefit commuting workers. The levy, together with similar measures, would be calculated by the ministry, and Vice‑Chancellor Ulla Klein hopes that the European Commission will offer a suitable regulation. The Commission’s role is to propose a solution that applies to all 27 EU member states.
Klingbeil’s advisors say many already feel the economic impact of the war in Iran. Rising fuel prices are hitting commuters, families and small businesses hardest.
The proposed tax would be modeled on a rule enacted during the peak of the energy crisis after Russia’s 2022 invasion of Ukraine. Under that rule, the state levied a 33 % tax on prices that were 20 % above the two‑year average. The temporary measure yielded more than €2 billion for the German government.
Klingbeil plans to use the revenues from the excess‑profit tax to raise the commuter allowance, according to the magazine. He hopes the EU leaders meeting in Brussels on Thursday will tackle the issue.
