U.S. Energy Secretary says diesel tax relief could begin Saturday
The Treasury Department will assess a presidential order that may defer certain diesel excise-tax payments and provide penalty relief for red-dyed diesel, with implementation expected within five days.
U.S. Energy Secretary Chris Wright told FOX Business that truckers may see relief from high diesel prices as early as Saturday, following a presidential executive order that expands highway access to red-dyed diesel and seeks to ease some federal diesel-tax obligations. The order, signed by President Donald Trump, tasks the Treasury Department with determining within five days whether it can defer specific diesel excise-tax payments, while the IRS is directed to grant penalty relief for dyed diesel used on highways through Dec. 31. Wright said the move comes amid tight global supplies, citing reduced diesel exports from Russia, China and the Middle East as contributing factors. He added that diesel prices appear to have peaked a few weeks ago and have already fallen 20-25 cents, expecting a gradual decline in the weeks ahead.