This adjustment follows a similar increase implemented in April of this year, when excise rates were raised by an average of 12%.

While excise taxes on most fuel products will see a hike in April, the excise rate on natural gas will decrease significantly from 20% to 12% starting January 1, 2025. However, end-consumers will face higher excise taxes on all types of gasoline from April.

The changes are part of the government's fiscal policy updates aimed at addressing budgetary needs while balancing adjustments across various fuel categories.