Fuel prices in Czech Republic hit new high as government steps in

Diesel prices in the Czech Republic have climbed to their highest level in more than four years, while petrol has reached a near three-and-a-half-year peak, according to data from CCS, which monitors fuel prices.

Over the past week, the price of the most widely sold petrol, Natural 95, rose on average by 14 hellers to 41.63 crowns per litre. Diesel saw a sharper increase, gaining 34 hellers to 48.39 crowns per litre.

The government announced late last week that it would cap fuel distributors’ margins and cut excise duty on diesel starting Wednesday. Retail margins for both petrol and diesel will be limited to a maximum of 2.50 crowns per litre.

Excise duty on diesel will be reduced by 2.35 crowns per litre, from the current 9.95 crowns. The tax on petrol will remain unchanged at 12.84 crowns per litre.

The state will also begin setting maximum fuel prices on a daily basis. The system will launch on Tuesday afternoon, when the finance ministry is set to determine prices for Wednesday.