Peru’s Ministry of Energy and Mines (MEM) and the Tax Administration Service (SAT) have stated they are prepared to implement the fuel price reduction starting October 1st. The reduction stems from the exemption of the General Sales Tax (IVA) and the Selective Consumption Tax (IDP). Officials assert the decreased prices will be applied immediately, beginning at midnight on Thursday, October 1st, and are not contingent on the depletion of existing fuel inventories. This indicates a swift response to recent policy changes aimed at easing the financial burden on consumers. The MEM and SAT aim for a seamless transition to the lower prices across Peru. The government anticipates this measure will provide economic relief to citizens and businesses alike. This decision follows ongoing discussions regarding fuel affordability in the country.