Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Mazheikiu Slams Tax

VILNIUS, Lithuania -- Lithuanian oil concern Mazheikiu Nafta said Wednesday that it was opposed to planned increases in fuel excise tariffs from the start of next year, which it says will hurt volume sales.

"Under the current economic conditions in the country, the increase of excise duties would lead to a fall in consumption," Mazheikiu Nafta, 33-percent owned by U.S. firm Williams and 59 percent by the state, said in a statement.

It said that after the rise this year as part of a three-year staged increase in fuel product excise duties approved by parliament in late 1998, consumption of oil products dropped 15 percent in the first nine months.

The next planned increase in January would create high demand for products in December as consumers stock up, followed by a drop-off in January and February, Mazheikiu Nafta said.