Serbia's government temporarily cut fuel taxes by 20 percent on Friday as countries around the world grapple with surging oil prices driven by the war in the Middle East.The energy ministry announced that the excise duties on petrol and diesel would be reduced from Friday until April 15.
"The state is monitoring the situation, which is unpredictable from hour to hour," Energy minister Dubravka Djedovic Handanovic said.
The weekly retail prices were set at 1.77 euros ($2.03) per litre for diesel and 1.58 euros ($1.81) per litre for petrol.
Without the intervention, Handanovic estimated that the diesel price would have hit 1.92 euros ($2.20) and 1.6 euros ($1.83) for petrol.
Belgrade earlier banned the export of oil and oil derivatives until March 19, except for butane, propane, and LPG.
Oil prices have rocketed above $100 a barrel for the first time since Russia's invasion of Ukraine in 2022, as Iran vowed to attack oil resources in the Middle East and keep choking the crucial Strait of Hormuz.
