Fuel prices in Iceland have fallen after a reduction in value-added tax (VAT) came into force overnight, with most petrol retailers passing savings on to motorists. As reported by mbl.is, the VAT rate on fuel has been cut from 24% to 11%, prompting an average price drop of about 11% per litre among the country’s… The post Petrol Costs Drop Across Iceland as Tax Reduction Takes Effect appeared first on Iceland Review.