President Nicușor Dan announced on Tuesday having signed decrees promulgating the laws declaring the crisis situation on the oil products market and extending the deadline for applying the reduced VAT rate on real estate transactions.

'I've signed today promulgation decrees for two important pieces of legislation for the economic stability of the country and the protection of Romanians' incomes: a law declaring the crisis situation on the oil products market and a law extending the deadline for applying the reduced VAT rate on the purchase of housing,' Dan wrote in a social media post.

According to Dan, the geopolitical tensions in the Middle East and the extreme instability of the international oil market have generated accelerated fuel prices, including in Romania.

'The rapid intervention of the state was necessary again because the price increase is reflected in increased chain costs for citizens and business operators, with direct effects on the purchasing power, economic competitiveness and the stability of some critical national sectors,' the president said.

He added that the protection measures established under this law are aimed at declaring a state of crisis on the oil market, reducing the excise duty on diesel, capping markups, temporarily banning diesel exports without the prior approval of the Ministry of Energy for the priority security of domestic usage and introducing a solidarity contribution for large oil companies.

'The second law that I've promulgated today extends to September 30 the deadline for the purchase of homes on a reduced VAT of 9% and eliminates the additional costs for buyers affected by the situation of the cyber attack on the National Agency for Cadastre and Real Estate Advertising,' said Dan.

At the same time, those who have made pre-contracts for the purchase of homes until July 31, 2025 will be able to conclude the procedure without increased VAT throughout the end of September.

'In a politically complicated period, it is a sign of stability and maturity that fair and necessary measures for Romanians garnered the necessary votes in Parliament. Beyond the political disputes, what matters are the decisions that bring benefits and protect Romanians,' Dant also said.

The two bills were adopted in an extraordinary session of Parliament. AGERPRES (RO - editing by: Alina Novaceanu; EN - writing by: Corneliu-Aurelian Colceriu)

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