A proposal by French Finance Minister Nicolas Sarkozy for a rebate on fuel taxes to mitigate the high cost of oil was rejected last week by fellow European finance ministers.
Sarkozy told the Ecofin meeting in Luxembourg that the French government was keen to refund some of the extra revenues collected as a result of the soaring price of oil, in a bid to help businesses struggling to absorb escalating fuel costs.
However, after debating the issue - which was not supposed to be on the Ecofin agenda - into the early hours of Thursday morning, the ministers from the twelve euro-zone countries agreed to stick to a pledge made in June of this year not to allow unilateral reductions in fuel taxes, so as not to give businesses in countries with lower taxes an unfair advantage.
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