The Hormuz crisis "is sending the bill to Italian holidaymakers: the rise in fuel prices following the renewed escalation of the conflict could lead, in July and August alone, to additional spending by families of around 700 million euros. A blow at the pump that risks diverting resources away from tourist spending at the most important time of the season. This is the finding of the Confesercenti Economic Office.
The association examined the period from 4 July — the day the "market price" resumed after the expiry of the previous "excise duty cut" decree — to 22 July. "The price of petrol," it notes, "has risen by 13.5 cents (7.5%) per litre, while diesel has increased by around 23 cents (12.5%). For a 50-litre fill-up, that means spending 7 and 11 euros more respectively."
The acceleration intensified following the breakdown of the Iran-United States truce and the new blockade of the Strait of Hormuz: in just around ten days, the study notes, "prices rose by an average of around 12 cents per litre, representing an additional burden on motorists estimated at around 140 million euros in this period alone. If prices were to remain at current levels, the overall impact between July and August would therefore reach 700 million euros for families and small businesses that fill up at ordinary service stations."
The car remains the primary means of transport for staycation holidays, "and the cost of a full tank comes directly out of the holiday budget, in a season that the Centro Studi Turistici for Assoturismo Confesercenti projects will see modest growth in arrivals (+1.1%) and overnight stays (+1.3%). The association also expressed concern over the return of energy tensions which, combined with exceptionally high temperatures and rising electricity consumption for cooling, "risks turning into a genuine time bomb for household and business budgets."
"What is needed," said association president Nico Gronchi, "are price containment measures, in whatever form the government sees fit, but an urgent measure is required, calibrated to the duration of the summer exodus, that returns to families part of what the rise in prices is already transferring into tax revenues. Petrol and diesel," he concluded, "are costs that are hard to cut back on, especially in summer, when travel increases. The higher spending on filling up the car or campervan, the possible increases in flight and ferry prices, any fuel surcharges and the rise in tourist transport fares will inevitably reduce the resources that holidaymakers can devote to spending, dining out and shopping, with a strongly negative impact on local economies. We must therefore act immediately."
Reproduction reserved © Copyright ANSA
