The price of diesel fuel in the Czech Republic has reached its highest level in four years, APA reports.

The average price of one liter of diesel fuel at petrol stations in the country is 48.39 crowns (just under €2).

The price of gasoline has also reached its highest level in 3.5 years. A liter of Natural 95 petrol sells for an average of 41.63 crowns (approximately €1.7).

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.

Following reports that Egypt, Pakistan and Turkey have drafted a proposal that calls for a 45-day ceasefire and the reopening of the strait, oil prices dipped slightly Monday despite Israel’s attack on Iran’s South Pars natural gas field and Iran’s retaliation with missile fire on Israel and other Persian Gulf countries.

President Donald Trump has given Iran a deadline of 8 p.m. EDT on Tuesday to reopen the Strait of Hormuz, through which about 20% of the world’s oil supply traveled before the war began.

Without a deal, Trump has said Iran would be bombed “back to the stone ages.”

Major economies in Asia, including Japan and South Korea, have been particularly impacted by the disruptions as they are heavily reliant on energy from the Middle East.

While some ships have used the strait in recent weeks it has been at a much lower volume than before the conflict.

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