The 14 October decree, based on the Petroleum Products Acts, was adopted in a bid to help households to alleviate price hikes.
The decision to annul the restrictions of fuel prices takes effect on Tuesday.
Commenting on the purpose of the price restrictions as a measure to help citizens and businesses to cushion the price blow to their standards, Prime Minister Andrej Plenković said at the government’s meeting today that the introduction of the restrictions a month and a half ago was “an excellent move”.
“Some countries have followed our example. Having in mind the principles of the free market and against the background of the changed circumstances, we can annul that decree now,” Plenković said.
Economy Minister Tomislav Ćorić said the decree on capping the prices had fulfilled its purpose, adding that in the last two months the domestic market had been stabilized.
Underscoring that the fuel prices are uncapped as of Tuesday, Ćorić expressed hope that there would be no price turbulence on the global markets any longer. However, the government will respond to such changes, if necessary, he added.
Last week, crude oil prices on the London market fell by nearly 4%, and by 2.8% on the U.S. market. The prices have been decreasing for six weeks in a row after they hit a record high in late October.
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