Samkeppniseftirlitið's review of the temporary reduction in VAT on fuel, which expired at midnight yesterday, has not yet been completed. The government decided to cut the tax this spring in order to curb inflation after global oil prices rose because of conflict in the Middle East. Samkeppniseftirlitið was tasked with monitoring whether the reduction was passed on to consumers through lower prices. Páll Gunnar Pálsson, director general, says data for August still needs to be processed, along with fuel companies' responses to questions from the authority. Findings are expected this autumn. Iceland has an oligopolistic market What remains, of course, is that we have an oligopolistic market which we need to monitor very closely. I expect that later this autumn we will hold discussions with the government and stakeholders about what can be done to strengthen competition in this market. He says only one supplier provides Icelandic companies with fuel. It needs to be examined whether competition can be encouraged at that level and what role the government might play. Reduction was largely passed on to consumers Based on the data you have already examined, was this reduction passed on to
