In a meeting with the country's president, Prime Minister Kyriakos Mitsotakis said the government was "vigilant" for further effects of the conflict and warned retailers against "profiteering".

Ministers will be fleshing out the measures later Wednesday.

By capping profit the state limits the maximum profit that targeted sectors, such as gas stations and supermarkets, can make on consumer retail sales.

The aim is to prevent an artificial increase in margins when international prices rise.

Mitsotakis ruled out for the moment more far-reaching measures taken by two other European Union countries, Croatia and Hungary, which have decided to cap fuel prices outright.

Oil prices resumed their rise on Wednesday, once again driven by the war in the Middle East, which is paralysing the Strait of Hormuz, a crucial route for the transport of oil and gas, near which three more ships were hit.