Serbian President Aleksandar Vucic has announced that the government will cut excise duties on crude oil by 60% to calm the local market and mitigate the effects of the Israeli-U.S. war with Iran. This comes after the government reduced excise duty on fuel by 20% and will increase it by an additional 40%. Vucaic also stated that Serbia has ample supplies of diesel, gasoline and natural gas in storage and will not be subject to fuel rationing.