German left demands over‑profit tax on oil firms over fuel rebate profits

Left Party co‑leader Ines Schwerdtner accused major oil companies of withholding the benefits of Germany's recent fuel‑price rebate, urging a statutory profit‑margin cap and a retroactive over‑profit tax. A Greenpeace analysis estimated that oil firms earned an excess of €702 million in the first month after the rebate was introduced.

The debate intensified as SPD finance minister Lars Klingbeil shelved the tax proposal, suggesting it be pursued at the EU level without presenting a concrete initiative. Greenpeace also reported that oil companies generated €2.4 billion in crisis profits from March to May, of which €702 million stemmed from the rebate month. The German government is spending about €1.6 billion on the two‑month rebate while allocating €1 billion to other social measures, prompting calls from the Left, Greens and Social Democrats to capture the excess profits to alleviate household cost pressures.