Croatia's prime minister Andrej Plenkovic said Monday his country would cap petrol and diesel prices as the war in the Middle East squeezes the global oil supply.Plenkovic said his government would cap prices from Tuesday, one of the first European Union countries to restrict rises in pump prices.
"Today, we will take steps to ease the rise in energy prices and protect the living standards of Croatian citizens," he told an extraordinary government meeting.
Diesel prices would be capped at 1.55 euros ($1.80) per litre, avoiding an expected rise to as much as 1.72 euros ($1.99).
Meanwhile petrol would be held at 1.50 euros ($1.74) per litre, instead of a potential 1.55 euros ($1.80).
Plenkovic said the measures were needed since oil transport through the Strait of Hormuz has all but halted since the war began on February 28.
Neighbouring Serbia announced a ban on oil and fuel exports for the next ten days, as countries around the region braced for a spike in prices.
Oil prices have rocketed above $100 a barrel for the first time since Russia's invasion of Ukraine in 2022, as Iran carried out retaliatory strikes against crude-producing Gulf nations.
